After several years of campaign and opposition by environmental activists against it, the Adani group plans to ship the first coal cargo from its controversial Carmichael mine project in Australia’s Queensland province.
“The first shipment of high-quality coal from the Carmichael mine is being assembled at the North Queensland Export Terminal in Bowen ready for export as planned” the group run by Indian billionaire Gautam Adani said in a statement.
The group said it has secured the market for the 10 million tons per annum of coal that will be produced at the Carmichael mine.
Flashback
The project, proposed in 2010, has become a global emblem for opposition to fossil fuels. It has been impeded by legal challenges and a sustained campaign by climate activists, which has gained strength amid a global retreat from coal.
Lenders have backed away from the mine, forcing the company to self-finance it and reduce the size to a sixth of its potential.
One of the biggest markets Adani is counting on is India, where the dirtiest fossil fuel is expected to dominate the energy mix for several years.
Coal currently accounts for nearly 70% of India’s power generation, although the country is aiming to gradually reduce that dependence as it builds more renewable energy capacity.
Comment from Adani’s Australian CEO
Lucas Dow, “That sharpening of the plan has kept operating costs to a minimum and ensured the project remains within the first quartile of the global cost curve.”
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