Coal news and updates

Adani’s Australian venture awaits statutory approvals

The Adani Group is waiting for the statutory approvals for its Australian venture, Adani Enterprise CEO (mining and trading) Vinay Prakash has said.

“The approval process is going on. It is something which is taking time. Once that is done we have to operationalise the mine,” he said.

Asked if the substantial drop in international coal prices in recent years has affected the prospect and viability of the said project, Prakash said, “It depends on how you see the type of mine. If you see that mine as a very costly one, then it is not a wise proposition to go for it, but the way we have brought out the numbers, it is going to be the cheapest in terms of size, in terms of the fact that we are going to have 30-40-50 mt of coal mining capacity at one place... But we are still going to see the approval process first before deciding anything.

“We are stuck because the approval process is more time than normal. There is no benchmark actually on the approval time because no one has done such a huge investment and there is no mine which has 10 billion tons of reserve,” he added.