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UPDATE: How will Adani finance $16 billion project?

Adani Enterprises share prices over the last five days- rose almost five percentage points Monday following state government approval announcement Sunday. Photo: Contributed.
Adani Enterprises share prices over the last five days- rose almost five percentage points Monday following state government approval announcement Sunday. Photo: Contributed.

NEITHER the State Government nor the Opposition will commit to questioning Adani Enterprises on how it will finance its $16 billion coal mine.

Acting Opposition leader John-Paul Langbroek was at Mackay yesterday, spruiking the jobs the Carmichael coal project could bring and calling on state government to stop "frivolous legal challenges" holding it up.

But when asked if he knew how Adani would fund the project, he said the financing was a matter for Adani. State government also directed financing questions to Adani.

At the announcement on Sunday, Adani Enterprise's Australia chief executive officer Jeyakumar Janakaraj pointed to money already sunk into the project as a guarantee of future finances.

"We have invested $1.2 billion in this mine so far which is 100% equity cash. Without seriousness of developing this project we wouldn't be investing that kind of equity cash. That shows the validity that the company has."

EARLIER: Despite the lack of clarity around financing, the lease approval on Sunday had Adani Enterprise shares jump almost five percentage points.

The company is listed on India's stock exchange and hit its highest prices since mid-January on Monday.

View the company's share prices in different date frames here:

State Premier Annastascia Palaszczuk was at Komatsu in Paget on the weekend with Adani chief executive officer Jeyakumar Janakaraj to announce final Government approval of three individual mining leases for the proposed mine, about 160km northwest of Clermont.

Adani announced hopes to begin construction of its Carmichael coal mine next year.

Topics:  adani economy mackay shares



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