$21.7-bn Carmichael coal project in Oz gets Adani's final nod

Indian conglomerate Adani Group on Tuesday gave the final investment approval for its 21.7 billion dollars Carmichael coal mine project in Australia which has faced many roadblocks over environmental concerns due to its proximity to the iconic Great Barrier Reef.

"I am proud to announce the project has Final Investment Decision (FID) approval which marks the official start of one of the largest single infrastructure – and job creating – developments in Australia's recent history," Adani Group Chairman Gautam Adani said.

This is a historic day for Adani, a historic day for regional Queensland, and a historic day for the Indian investment in Australia, he said.

Adani claimed that the project, which has undergone state and federal assessments while also facing several legal challenges by environmental groups, would generate 10,000 direct and indirect jobs with pre-construction work starting in September this year.

The announcement comes just days after the Adani Group agreed to pay royalties on coal produced from its project after it struck an agreement with the Queensland government to help the controversy-hit project move forward.

"This is the largest single investment by an Indian corporation in Australia, and I believe others will follow with investments and trade deals," the Adani Group chairman said.

"We have been challenged by activists in the courts, in inner city streets, and even outside banks that have not even been approached to finance the project. We are still facing activists. But we are committed to this project," Adani said, adding that the group is committed to Queensland and to addressing energy poverty in India. Queensland Premier Annastacia Palaszczuk, who was in Townsville for the announcement, opened Adani's regional headquarters for the project, saying the decision was a vote of confidence in the Queensland economy.