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Adani snares coal deal to avert Indian electricity crisis

Business

Adani has won a key tender to supply 1 million tonnes of coal to India’s struggling power sector just weeks after it said it was ready to export from its Carmichael mine in central Queensland.

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However, the company, which has been guarded about where its coal is headed, said it had a well-established commodity trading business and it would be wrong to link its start of exports to the deal.

Overseas media reports have made the claim that the first shipment from Carmichael was headed to India.

Bloomberg also reported that Adani would supply imported coal to India’s top electricity generator as the nation aims to avoid a repeat of last year’s energy crisis which led to widespread blackouts.

India’s state-run NTPC Ltd issued its first tender for coal imports in more than two years in October.

Kolkata-based Damodar Valley Corp, which is also state-owned, is examining a proposal from Adani for the supply of the same volume to its power plants.

Adani’s Australian mining company, Bravus, recently said its coal for its first shipment had been assembled at its Bowen port.

Bravus chief executive David Boshoff said it was a big moment for everyone who has worked to build the controversial mine and its infrastructure.

“From day one, the objectives of the Carmichael Project were to supply high-quality Queensland coal to nations determined to lift millions of their citizens out of energy poverty, and to create local jobs and economic prosperity in Queensland communities in the process,” he said.

“High-quality Australian coal will have a role to play, alongside renewables, for decades to come as part of an energy mix that delivers reliable and affordable power with reduced emissions intensity.”

 

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