Adani accused of not paying contractors

17 September 2018 The Australian Financial Review reports today that two companies, AECOM and Jangga Operations, are claiming they are owed money by Adani for work the companies did on the Carmichael coal project. Engineering and design group Aecom is trying to recover almost $17 million it alleges it is … Read More

Adani: No customers, no finance, but still a threat

In a television interview overnight, the son of Gautam Adani, Karan, claimed that financial close had been reached for the Carmichael coal mine. We need to treat this information carefully. On one hand, it was part of an interview containing several other inaccuracies about the status of the Carmichael mine’s … Read More

Adani scrapes the bottom of the barrel to refinance Abbot Point

Tuesday 3 July 2018 News broke today that after a year-long desperate search, Adani has finally succeeded in refinancing part of its Abbot Point coal port debt. Korean asset manager Mirae Asset Daewoo (MAD) bought A$330 million worth of debt, and intends to sell it on to Korean insurance companies. While … Read More

Risks all round from Adani’s Abbot Point sale plans

23 May 2018. Adani’s plans to sell down their stake in the Abbot Point coal export terminal, with the aid of investment bank Rothschild, are a win for the Carmichael mega mine project and a clear threat to the campaign to stop it, say environmental finance advocates Market Forces (“Adani looks … Read More

AECOM out! Adani loses last major engineering partner

16 May 2018 AECOM, the engineering company that had been working to design Adani’s Galilee basin rail line, has stopped work and “demobilised” its team working on the project. The company told the Guardian Australia that, despite being unable to finish the work due to lack of site access, “We’ve handed over … Read More

EFIC supporting Adani Carmichael

June 2018 Adani has failed to attract private finance to its proposed Carmichael mine and rail project and is becoming increasingly reliant on public funding to proceed. The company has already attempted to use the Northern Australia Infrastructure Facility to secure a publicly-funded loan – this was vetoed by the … Read More

Media release: Fourth major Chinese bank walks away from Adani mega mine

Wednesday 13 December, 2017: China Merchants Bank today provided a statement to environmental finance campaigning group Market Forces, confirming it will have no part in the proposed Adani Carmichael coal mine. The bank replied to a letter outlining an array of concerns with the proposed project and the corporate record … Read More

Westpac rules out Abbot Point terminal

8 December 2017 Westpac today all but confirmed it would not refinance the Abbot Point coal terminal, striking another blow to the crippled Adani coal mine. Climate related questions dominated the opening of question time at the bank’s annual general meeting in Sydney, revealing a lack of awareness around its … Read More