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Adani chalks up $1b spend as relations with government thaw

Business

Bravus has cracked the $1 billion mark in spending with local companies as coal began to be stockpiled at its Carmichael mine.

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The company, previously known as Adani, bought the project from the ill-fated Linc Energy for $500 million and then bought out a negotiated royalty stream to Linc for $155 million.

The initial costs for a much bigger project were $16.5 billion, but it was scaled back so the company could access financing, which it eventually had to self-fund.

Bravus also said it had employed 2500 people and is expected to start exporting later this year. Thermal coal has also hit record prices recently of $US240 a tonne as China’s production was hit by flooding.

Trains to carry the coal to port have also arrived.

The company also seems to have improved its relationship with the State Government with Resources Minister Scott Stewart appearing in media with the company after an acrimonious period during which Adani started an advertising campaign against the government over its failure to grant approvals.

“Regional Queensland contractors and businesses have benefited to the tune of more than $1 billion from the construction of our Carmichael Mine and Rail Project,” chief executive David Boshoff said.

“I’m over the moon that we have been able to construct the Carmichael mine and rail project with a majority regional Queensland contracting team and workforce.

“As well as our employment commitments, we signed up to provide full, fair and reasonable opportunities for regional Queensland contractors and businesses and we have delivered on those promises.”

“At a time when so many people and businesses have been doing it tough throughout COVID-19, we are proud to have been able to put 2,600+ people in work and keep contractors going throughout the pandemic.”

 

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