Adani's controversy-hit Carmichael coal mine project may not get USD 900mn loan

Indian energy giant Adani's controversy-hit Carmichael coal mine project in Australia may not receive a USD900 million loan after the Labour party-led Queensland government said it would exercise its veto to not support the financial assistance. The USD16.5 billion Carmichael coal mine project, one of the world's largest, will start construction after being given the green light by the federal and Queensland state governments. The group had applied for Northern Australia Infrastructure facility loan worth USD900 million for building a train line to connect its mine to the coast.

For 'LOVE & PEACE' Pope Francis waves to residents after being greeted upon his arrival at the Yangon International Airport on Monday. Pic/AFP

Queensland Premier Annastacia Palaszczuk said, "My government has had no role to date in the Federal Government's assessment process for Adani; now, we will have no role in the future. "To action my decision, I propose to write to the Prime Minister to notify him that my government will exercise its 'veto' to not support the NAIF loan, and to remove doubt about any perception of conflict," she was quoted by 'The Australian' as saying.