Indian energy giant Adani has announced that it will begin work on a controversial coal mine project in Australia.The $12.5bn (£9.8bn) Carmichael project coal site in Queensland state is nearly 400km (248 miles) inland from the eastern coast. It’s in the Mackay region, which is home to other mining projects.
The project has been delayed for six years because of a series of legal challenges and reports evaluating its environmental impact. It’s owned by the Adani group, whose chairman, Gautam Adani, is considered to be close to Indian Prime Minister Narendra Modi.
The controversy over the project has seen Australian banks rule out funding and earlier this month, the firm said it had scaled down production, cutting its targets by three quarters. On Thursday, CEO Lucas Dow said that the firm itself would finance the project. But, according to media reports, there are regulatory approvals pending, without which construction cannot begin.