Financing Abbot Point means supporting the Carmichael coal export project.

Adani’s Abbot Point coal port (now officially known as North Queensland Export Terminal – NQXT after it was rebranded from Adani Abbot Point Terminal), 25km north of Bowen in North Queensland, is nestled between ecologically significant wetlands, sacred Juru traditional sites and the Great Barrier Reef World Heritage Area. Adani has demonstrated that it is unable to operate appropriately in this important environment; spilling toxic coal sludge into the neighbouring wetlands in 2017 and 2019.

Abbot Point port is also essential to the disastrous Adani Carmichael coal project. NQXT has signed a contract with Adani Mining for export of 9.3 million tonnes from 2023. The Carmichael coal project includes the coal mine, rail line and port. Because Abbot Point is an essential link in the chain that forms the Adani Carmichael coal export project, any financing of NQXT can be considered as support for the Carmichael coal export project.

Abbot Point’s $1 billion debt bill coming due

Adani’s purchase of NQXT in 2011 was debt-funded, and the company is facing around $1 billion of debt coming due between 2020 and 2022. NQXT is having some difficulty refinancing this debt, with a bond issue planned for early 2020 postponed and the company having to repay $270 million in total for two tranches of debt coming due in 2020 out of its own pocket. In 2021, Adani failed once again to secure external finance to repay a debt maturing in September 2021, and was forced to repay debt using funds from an Adani parent company. This was the third debt maturation in 12 months where Adani failed to attract external investment.

Finance industry databases show that NQXT has appointed financial advisory firm Grant Samuel to keep trying to raise funds in order to refinance debt, and several banks have been appointed to arrange a bond raising (Stifel, Emirates NBD Capital and Haitong). It is likely that NQXT will go to them and other existing creditors for new debt arrangements.

Fill out the action form to tell these creditors that they must rule out further financing of Abbot Point. 


Tell these companies that they must rule out further financing of Abbot Point and other Adani companies.

  • Email to existing creditors

  • Email to Adani group bond arrangers

Abbot Point's existing creditors and bond arrangers
CompanyAmount LoanedDateDetail
Arranged by Industrial Bank of Korea. Creditors include Samsung Securities, Hanwha Investment & Securities, Korea Investment & Securities.

NOTE: Samsung, Hanwha and Korea Investment and Securities have all committed to providing no further funds to Abbot Point coal port or the Carmichael coal project.
A$300mJun 2019A$300m mezzanine debt arranged by Industrial Bank of Korea due Jun 2024
Mirae Asset DaewooA$330mJul 2018A$330m underwritten by Mirae Asset Daewoo (unknown maturity)
CompanyBond AmountDateDetail
Arranged by Haitong International Securities Company, Investec Bank and Stifel Nicolaus Europe.

Bondholders include:
State Street Global Advisors, Thompson Bond Fund, INVESCO Asset Management, Quoniam Asset Management, Fuchs & Associés Finance and LBB-Invest (part of Deka Vermögensmanagement), Athene AM, 40/86 Advisors, Van Eck Associates,
Deutsche Asset Management (DWS), Americas Stancorp Investment Advisers, Zazove Associates,
Liberty Bankers Life Insurance Company, Prudential Investments, Advantus Capital Management, BlackRock Advisors (UK), Sage Advisory, Lazard Asset Management, BMO Global AM
US$500mDec 2017US$500m Guaranteed Senior Secured Notes due Dec 2022.
Bondholders include MassMutual Financial, CIGNA investments, Prudential Investments, Royal Neighbors of America, Southern Farm Bureau Life Insurance, RGA ReinsuranceUS$140mUnknownUS$140 million Series A Guaranteed Senior Secured Notes due 2021
Aviva Investors North AmericaUS$10mUnknownUS$10 million Series B Guaranteed Senior Secured Notes due 2024 (unknown issue date, unknown manager/s)

Abbot Point coal terminal. Image credit: Greenpeace / Tom Jefferson

Abbot Point funding coming from Adani company in Singapore

On 11 May 2020 the Australian Financial Review reported that an Adani company based in Singapore provided financing to NQXT, in order to pay down the debt that NQXT has been unable to refinance. Adani has a reported history of shifting money between its various companies. Based on that, the financing for NQXT could have originated from any of the many Adani companies.

If the corporate group moves money around like this, there is a natural concern that funds provided to any Adani company based anywhere in the world could be funnelled to NQXT and the Carmichael coal mine and rail project.

And if that’s happening, it puts some of the world’s biggest banks in the dock. Billions have been raised by Adani companies such as Adani Transmission and Adani Ports and Special Economic Zone recently, assisted by major banks, many of which have ruled out financing the Carmichael coal project and NQXT.

What’s not clear is if, and to what extent, the Adani companies have assured these banks that the money they raised for one Adani company hasn’t been moved through its corporate structure and ended up with the Carmichael mine, rail line, or NQXT in Australia.

Take action. Use the form to email the banks that have been arranging bonds for Adani companies, asking them to demand Adani’s assurance that their money hasn’t been used to fund NQXT, and to stop any funding that is ultimately supporting NQXT.