State Bank of India (SBI) on 17 November 2014 approved 1 billion US dollar loan for Adani Mining to develop Carmichael coal mine project near Clermont in Central Queensland, Australia.
The announcement related to the signing of memorandum of understanding between Adani Group and SBI was made in the third week of November 2014.
The announcement comes close on the heels of clearance of the Adani Group’s proposal by the Queensland State of Australia on 17 November 2014. The Adani group plans to build a 7 billion US dollars coal mine project.
Besides, Queensland State also announced a major investment in rail infrastructure to support the coal mine project of the Adani Group.
About The Project
The Carmichael coal, railway and port project includes building Australia’s largest thermal coal mine in the north Galilee Basin approximately 160km north-west of Clermont in Central Queensland, linked by a new 388 km standard gauge rail line to a new terminal at Abbot Point Port near Bowen.
The company aims to build the project by end of the year 2017 and the produced coal from the region will be sent 400 km (250 miles) by rail to Australia's east coast.
Adani Mining is the subsidiary of the Adani Enterprises in Australia. The CEO and country head is Jeyakumar Janakaraj.
Who: State Bank of India
When: 17 November 2014
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