Adani Group to ship coal from Carmichael in 2021
2019-11-21 17:11:42 [Print]
Adani Group, an Indian miner, said its Carmichael project in northern Queensland is expected to conduct its first coal shipments in August 2021. However, the company said the project still required additional investment in its rail plans.
In a conference call to discuss its financial-year earning, executives at Adani Enterprises Limited, Carmichael's parent company, said the company might use "additional channels" to raise funds.
Robbie Singh, CFO of Adani Enterprise, said the Carmichael project still required capital expenditure of USD1.7 billion, including USD1.1 billion for the construction of railway and USD600 million for that of coal mine.
Adani Enterprise's executives said on a conference call that they hoped the rail line would be completed before May 2021, with the first shipments of coal shipped out in August of the same year. However, given that part of the project is still in the planning stage, it might be difficult to finish the tasks on time. Adani this month awarded a USD1.4 million "early services" contract to scope the bulk earthworks needed along the freight rail route.
In a conference call to discuss its financial-year earning, executives at Adani Enterprises Limited, Carmichael's parent company, said the company might use "additional channels" to raise funds.
Robbie Singh, CFO of Adani Enterprise, said the Carmichael project still required capital expenditure of USD1.7 billion, including USD1.1 billion for the construction of railway and USD600 million for that of coal mine.
Adani Enterprise's executives said on a conference call that they hoped the rail line would be completed before May 2021, with the first shipments of coal shipped out in August of the same year. However, given that part of the project is still in the planning stage, it might be difficult to finish the tasks on time. Adani this month awarded a USD1.4 million "early services" contract to scope the bulk earthworks needed along the freight rail route.
