Adani will begin work on its Carmichael coal project in October with the first coal to be produced in March 2020.
Adani chairman Gautam Adani issued a statement confirming that works will begin at Carmichael’s Galilee Basin site in October. Adani’s Australian head Jeyakumar Janakaraj also announced that Charters Towers based civil contracting firm would be one of the first to benefit from a contract on the mine.
"Adani Australia's regional content initiatives will have long-term benefits for Queensland, particularly for contractors like GA Services who help us meet our indigenous content targets," said Mr Janakaraj.
GA Services will begin work shortly refurbishing Adani’s existing exploration camp accommodation. 16 refurbished rooms along with a working power generation system and sewage plant are already installed. A further 245 rooms are expected to come online by September, along with extra facilities, project offices and more.
It was widely publicised that Adani had not been able to find a bank to fund this mega-mine, an issue Gautam Adani addressed in an interview with Indian media on Friday night, stating,
“The project will be funded by internal accruals, NAIF and foreign banks. Talks have already started with the banks”
A $1 billion dollar concessional loan from the Federal Government’s National Australia Infrastructure Facility (NAIF) has not been approved yet, though it is incredibly likely it will be given Government support.
The $1 billion loan will be used by Adani to construct a rail line from Carmichael mine to Abbot Point, where the coal will be shipped to India.
Queensland Resources Council boss Ian Macfarlane has welcomed the announcement warmly, stating,
"I congratulate Adani on its ongoing commitment to source contracts locally and the company's leading practice targets for indigenous employment and participation,"
"Adani have had a clear objective on working with local suppliers to maximise the opportunities for regional Queensland right from day one."