Coal news and updates

Adani CEO says India will remain an importer of coal

India will be an importer of coal for many years to come, says the head of the country’s energy giant Adani.

The company is aiming to build the Carmichael Mine in Central Queensland, along with a port expansion at Abbot Point, to export the coal to India.

Adani CEO, Jeyakumar Janakaraj, was guest speaker at a gala dinner for the Resources Industry Network in Mackay, north Queensland, on Friday night,

He told the audience India's hunger for energy would continue to grow.

"India is, I would say, the powerhouse for the next decade of 2015 to 2025," he said.

"There is a lot of expectation for India.

"India has 1.3 billion people, which is a fabulous thing, and 800 million people less than the age of 35.

"The irony and the sad thing is there are 300 million people who don't have access to electricity."

One topic he did address, was the question of whether India would continue to import coal, as its own production increases.

India's energy minister declared earlier this year his ambition for India to be self-reliant in coal production within a few years.

He aims to achieve this mainly through increasing production at coal mines on Indian soil.

In his speech, Mr Janakaraj declared India would remain an importer of coal and Australia would therefore play a vital role in the emergence of India.

Media were allowed to sit in during Mr Janakarej's 15-minute speech, but not allowed to record, film, or ask questions at any stage.

He outlined the progress already made toward creating the Carmichael Mine, including a spend of $3.1 billion so far and the company's plan to spend another $6 billion over the next three years.

Mr Janakaraj focused on themes such as "courage", "passion", and "community", but he steered clear of two major controversies surrounding the Carmichael and Abbott Pont projects; opposition from environmental groups and question marks over whether Adani can secure finance.

He said Adani was focused on making it the Carmichael Mine happen, rather than the "talk" surrounding it.

"There is a lot of talk about this project from people, which is good and bad, but the key aspect of all this is the fundamental aspect of execution," he said.

"We can talk about a lot of things, but if you do not execute, there is no meaning in all this talk."

He said Adani chose Australia as the location for its biggest foreign venture because of its resources, both coal and human, as well as low sovereign risk and high environmental standards.

source: http://www.abc.net.au