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India's Adani aims to start digging Australia coal mine in mid-2013
July 2, 2012 / 5:06 AM / 5 years ago

India's Adani aims to start digging Australia coal mine in mid-2013

MELBOURNE, July 2 (Reuters) - India’s Adani Enterprises aims to start building its first Australian coal mine in July 2013, targeting 23 million tonnes a year output in the first year once a rail line is built to the Pacific Ocean, its Australian chief said on Monday.

The company, which plans to work with Australian rail operator QR National on rail options, does not anticipate any problems lining up funding for its $10 billion mine and rail project, Adani Group Australia Chief Executive Harsh Mishra told Reuters.

“Expressions of interest we’ve got so far are predicated on the successful track record that Adani has demonstrated in India from banks that have traditionally supported us on our projects,” Mishra said.

He said the company has also been approached by pension funds and private equity investors to buy minority stakes in the mine, but the company was holding off on discussions with them until the mine was closer to completion.

“We feel it would be certainly be more valuable at that time rather than when the risk is not mitigated,” he said.

Reporting by Sonali Paul; Editing by Richard Pullin

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