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Sector
Industrials
Size
Mid Cap
Market Cap £2.20bn
Enterprise Value £3.20bn
Revenue £6.70bn
Position in Universe 132nd / 1907

India's Adani cancels Downer contract to build, run Australian coal mine

Sun 17th December, 2017 10:01pm
MELBOURNE, Dec 18 (Reuters) - India's Adani said on Monday 
it had canceled a contract with Downer EDI Ltd  DOW.AX  to 
develop and run its Carmichael coal mine in Australia after 
failing to secure a government loan for the A$16.5 billion ($13 
billion) project. 
    Adani and Downer said they had agreed to cancel all letters 
of award for mine services and related infrastructure, after the 
premier of the state of Queensland said she would veto a federal 
government loan for the Carmichael mine's proposed rail line. 
 urn:newsml:reuters.com:*:nL3N1OC2PX 
    "Following on from the NAIF (Northern Australia 
Infrastructure Facility) veto last week, and in line with its 
vision to achieve the lowest quartile cost of production by 
ensuring flexibility and efficiencies in the supply chain, Adani 
has decided to develop and operate the mine on an owner operator 
basis," Adani Australia said in a statement. 
    The company said it remained committed to the long-delayed 
project, which has yet to line up financing. 
     
  
 
($1 = 1.3082 Australian dollars) 
 
 (Reporting by Sonali Paul; Editing by Peter Cooney) 
 ((Sonali.Paul@thomsonreuters.com; +61 3 9286 1419; Reuters 
Messaging: sonali.paul.thomsonreuters.com@reuters.net))
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