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Adani sets date amid money talks

Jeyakumar Janakaraj. Photo Chris Lees / Daily Mercury
Jeyakumar Janakaraj. Photo Chris Lees / Daily Mercury Chris Lees

ADANI'S funding for the massive Carmichael coal mine in central Queensland could be delayed for months, with the company now saying it hoped to have everything in place by the end of the March.

Its previous deadline for financial close was December but the company said while it was still working towards having everything in place by then, the timing was now dependent on whether it gets funding from the Federal Government's Northern Australia Infrastructure Facility, which has said it hopes to make a decision by the end of the year.

Adani Australia chief executive Jeyakumar Janakaraj has also said the controversial NAIF funding may not be necessary if the banks are prepared to fully fund the Carmichael mine. He has also said the company has never put a figure on how much it needed from NAIF and the $900 million figure was not part of Adani's strategy.

Adani is expected to start the development of the mine within weeks and has $400 million of its own money to spend.

It comes as Adani stitched up a deal with an unknown energy retailer which will effectively underwrite the development of its $200 million solar farm at Moranbah.
 

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