SYDNEY Adani Group (ADEL.NS) still expects to make a final investment decision this month on its Carmichael coal mine even after the Australian Senate left for a break without voting on new land title laws, a company spokesman said on Thursday.The Senate ended its current session without voting on changes aimed at resolving legal uncertainties around more than 120 indigenous land use agreements relating to major projects like Adani's proposed $16 billion Carmichael mine in the northern state of Queensland.
The senate does not return until June, after Adani's self-imposed deadline of the end of May. Australian Minister for Resources Matt Canavan said on cable TV channel Sky News that he was "concerned that this puts a question mark on the project".
But the Adani spokesman said the company would make its decision in May regardless, after getting reassurances that the opposition Labor Party would support the ruling coalition of the Liberal Party and the National Party to support the changes.
"There may be some minor delays in some minor works, but ... we're still working towards a final investment decision by the board. They can take comfort from the fact that we've got a bipartisan approach to the amendments."Adani has said its Carmichael project is targeting annual output of 25 million tonnes in the first phase. (Reporting by Byron Kaye and Tom Westbrook; Editing by Christian Schmollinger)
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Published Date: May 11, 2017 22:30 PM | Updated Date: May 11, 2017 22:30 PM