$4 Billion Australia Coal Mine Project Gets Adani's Final Approval


Adani Enterprises on Tuesday announced that it has given final investment approval for the Carmichael mine and rail projects in Queensland.

"The project has Final Investment Decision approval, which marks the official start of one of the largest single infrastructure and job-creating developments in Australia's recent history," Adani Chairman Gautam Adani said in a statement.

The company has said the project, at an initial cost of $4 billion, would pay billions of dollars in royalties and taxes, create jobs and export coal to India help bring electricity to rural regions.

Adani Enterprises was trading at Rs 123 per share on the NSE higher by Rs 5 per share or 4.5% at 0945 hours. The stock of hit an intraday high of Rs 124 per share since its open on Tuesday.

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