Good luck, via the AFR:
Indian energy giant Adani is weeks away from pulling the trigger on its controversial Carmichael mine in Central Queensland after scaling back its size and scope to convince banks to finance the project.
While many industry experts doubted the economics of the original $16.5 billion Carmichael project – which planned to export 60 million tonnes of thermal coal each year making it the biggest coal mine in Australia – the project has now been scaled back to a capital cost of less than $2 billion for the first stage.
Now, Adani plans to export an initial 10 to 15 million tonnes a year, with a capacity to expand up to 27 million tonnes – less than half of what the company originally planned when it first proposed the project in October 2010 – but making it more feasible for international banks.
Which are all being hammered by green groups. I’ll believe it when I see it.
