Coal news and updates

Adani in final talks to sell Australian coal

Ahmedabad-based conglomerate Adani Enterprises said on Monday it was in advanced talks with power firms and traders in different countries for selling coal from its Australia mines. In its reply to a clarification sought by the Bombay Stock Exchange (BSE) on media reports, Adani Enterprises said: “Adani Mining Pty, a wholly-owned subsidiary of Adani Enterprises, is in discussion with various power utilities and coal traders in different countries for offtake arrangements of the fuel from its Carmichael coal project in Australia.”

The company also said it had signed certain letters of intent with these power utilities and coal traders as part of the discussions. As per some media reports, countries like China and Korea have evinced interest in buying coal from Adani’s Carmichael mines. The Carmichael coal, railway and port project includes building Australia’s largest thermal coal mine in the north Galilee Basin in Central Queensland, linked by a new 388-km standard gauge rail line to a new terminal at the Abbot Point Port. The combined mine, rail and port operations will provide over 10,000 direct and indirect jobs and supply opportunities for local businesses, as per information available on the company’s website.

Adani Group is implementing coal mining projects with a total annual production capacity of around 110 million tonne per annum (mtpa). The company plans to achieve a coal mining capacity of 200 mtpa by 2020.

The Adani Enterprises stock was down 3.14%, at Rs 677.70 apiece, during afternoon session on the BSE.

The $8.7-billion Adani Group, through its subsidiary Adani Mining Pty, had proposed to develop a 60-mtpa thermal coal mine in the north Galilee Basin in Central Queensland in mid-2010. The Carmichael coal mine is spread over approximately 44,700 hectares and is expected to have an estimated life of about 90 years. The company plans to start coal exports by 2016-17. It is estimated that the project will produce up to 60 mt of coal each year.

RAKING IN BUYERS
* Adani said it had signed certain letters of intent with power utilities and coal traders as part of the discussions. As per media reports, countries like China and Korea have evinced interest in buying coal from Adani’s Carmichael mines
* The Carmichael coal, railway and port project includes building Australia’s largest coal mine in the north Galilee Basin, linked by a new 388-km standard gauge rail line to the Abbot Point Port
* The company plans to start coal exports from the Carmichael mine by2016-17


source: http://www.financialexpress.com