14 May 2021 BMD, Adani’s most important contractor for the construction of the rail line component of the Carmichael thermal coal project, has admitted in a bombshell submission to a parliamentary inquiry that its work on Carmichael is being undertaken without public liability, environmental protection or director and officer insurance … Read More
Adani’s coal port failing to refinance debt, again
7th May 2021 Ratings agency reporting has revealed that Adani’s Abbot Point coal port (recently rebranded to North Queensland Export Terminal – NQXT) has so far failed to secure external financing to repay a US$140 million debt due in September this year. Instead, the debt-ridden port, located in the Great … Read More
Adani rebrands Abbot Point coal port to Nth Qld Export Terminal
9 October 2020 Yesterday Adani formalised the rebranding of its coal port from Adani Abbot Point Terminal to North Queensland Export Terminal (NQXT). In paperwork submitted to the corporate regulator ASIC, six companies through which Adani holds and finances the port will have their names changed with all references to … Read More
Five Korean creditors dump Adani’s Abbot Point as judge orders $106m payment to customers
28 August 2020 Market Forces and Bushfire Survivors for Climate Action first wrote to Samsung Securities, Hanwha Securities, Mirae Asset Daewoo, Korea Investment and Securities and the Industrial Bank of Korea on 5 June. These companies were involved in two loans to Abbot Point, made in 2018 and 2019. We … Read More
Adani failing to refinance Abbot Point debt as creditors walk away
6 August 2020 Despite its best efforts, it seems Adani has so far failed to refinance Abbot Point Coal Terminal’s (AAPT) debt, with the company having to repay a total of $270 million for maturing loans and bonds due in 2020. Dipping into its own pocket to pay back the … Read More
Adani loses another banker as bushfire survivors call on creditors to walk away
19 June 2020 South African bank Investec has become the 68th major company to rule out involvement in the controversial Adani Carmichael coal project, while also distancing itself from Adani’s Abbot Point coal port, despite arranging a bond issue for the port back in 2017. This comes just as Abbot … Read More
Adani faces debt bill as Abbot Point refinancing fails
15 April 2020 The deteriorating financial state of the Adani Group and its Abbot Point coal export terminal raise serious questions about the ability of Adani to keep using its own money to finance the much-delayed Carmichael coal mine and rail line. Three major debts of Abbot Point are due … Read More
Adani’s engineers GHD stay silent on coal mine work
15 July 2019 The engineering consultancy managing the design of Adani’s Carmichael coal mine is refusing to comment publicly or meet with #StopAdani alliance groups, as protests grow over its involvement in the disastrous project. Australia-based multinational GHD has a history of working with Adani on Carmichael. It developed the … Read More
Banks could accidentally fund Carmichael coal via Adani bond issue
8 July 2019 In early July 2019 Adani issued US$1billion in bonds for one part of its business (Adani Ports and Special Economic Zone), which nine major banks invested in. This company operates several ports in India. Unfortunately, the evidence shows that the Adani group of companies has regularly funded … Read More
Adani still vulnerable on insurance for its Carmichael mine and railway
28 June 2019 Like the stampede that saw almost 40 major banks turn their backs on Adani’s Carmichael coal mine and rail project (eventually forcing Adani to pledge it will “self-fund”), major insurance companies are now also refusing to insure this climate-wrecking project. All major projects require underwriting insurance, for … Read More