Carmichael Coal Project

IEEFA Research

New IEEFA Report – Adani: Remote Prospects

Obstacles to Adani’s Project in Australia Have Only Grown: The Strategic ‘Moment’ for Coal Mining in the Galilee Basin Has Passed; Public Investment Is Ill-Advised; Markets Will Not Support an Unbankable Development

Almost two years ago we published a review in which we raised doubts about the Adani Group’s proposed Carmichael coal mine in the Galilee Basin of Australia and the associated rail and port infrastructure development. The mine would ship coal through the port at Abbot Point in the Great Barrier Reef. Today we’ve published an […]

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IEEFA Study: Corporate Restructuring at Adani Enterprises Enhances Shareholder Value; Marginalizes Australian Coal Project; Better Aligns Adani Group With Transformation of India’s Electricity Sector

Proposed Development of Galilee Basin Project Will Become ‘Collateral Damage’

CLEVELAND, May 5, 2015 ( — A report published today by the Institute for Energy Economics and Financial Analysis (IEEFA) concludes that Adani Enterprises’ recent corporate restructuring better aligns its parent Adani Group with minority shareholders and with new opportunities emerging in the Indian electricity sector transformation. It concludes also that the restructuring—which vastly reduces […]

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Global Energy Markets Transition Drives Thermal Coal Into Structural Decline

New Research by IEEFA Sees Slowing Demand for Coal and Rapidly Rising Investment in Renewables CLEVELAND, Jan. 14, 2015 ( — Rapid expansion of renewable energy combined with weakening electricity demand are driving a structural decline in seaborne thermal coal markets, according to a new briefing released today by the Institute for Energy Economics and […]

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Briefing note: The Outlook for Financing for Australia’s Galilee Basin Coal Proposals

Briefing note: The outlook for financing for Australia’s Galilee Basin coal proposals By: Tom Sanzillo, IEEFA Director of Finance

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Briefing note: Fossil fuels, energy transition & risk, July 2014

Briefing note: Fossil fuels, energy transition & risk,  July 2014 (pdf) By Tim Buckley, Director of Energy Finance Studies, Australasia, IEEFA

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Briefing note: Fossil fuels, energy transition & risk

 Briefing note: Fossil fuels, energy transition & risk (pdf)

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Briefing note: Thermal coal outlook

Briefing note: Thermal coal outlook (pdf) By Tim Buckley,  Director of Energy Resource Studies, Australasia, IEEFA  

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Briefing note: India power prices

Briefing note: India power prices (pdf) By Tim Buckley,  Director of Energy Resource Studies, Australasia, IEEFA

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Report- Remote Prospects: A financial analysis of Adani’s coal gamble in Australia’s Galilee Basin

Remote Prospects: A financial analysis of Adani’s coal gamble in Australia’s Galilee Basin (PDF)

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More News and Commentary

IEEFA Asia: Adani, in Latest Report to Investors, Skips Mention of Its Australian Coal Project

As Energy Markets Continue to Evolve, Less Likelihood Carmichael Mine Will Be Developed

Adani Enterprises Ltd—the 100 percent owner of Adani Mining Australia Pty Ltd, the entity that owns the massive Carmichael open-cut coal proposal—is reporting a net loss of US$11 million for the three months to September 2016. This comes on the back of a 33 percent year-on-year decline in operating profits and an 18 percent rise […]

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IEEFA Australia: The Zombie Australian Coal Project That Won’t Die

Adani’s Plans for Carmichael Are on Life Support, but Still Alive

The announcement this week by Queensland Mining Minister Anthony Lynham that the proposed open-cut Carmichael coal plan is considered a “prescribed project” is yet another reminder that you still can’t say for sure that Adani’s dreams for north Australia are dead. The strategic merit remains questionable, the quality of the coal the project would produce […]

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Carmichael Project: Downsized & Delayed Yet Again, and Still Unbankable

Thursday 22 September 2016: According to reports in today’s Australian Financial Review (AFR), the Carmichael coal proposal has been downsized again to 25 million tonnes per annum (Mtpa), and the investment decision deferred yet again till the end of 2017. “Despite being downsized and delayed once again, even at a much reduced US$4bn, the Carmichael […]

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IEEFA Australia: World’s Biggest Open-Cut Coal Proposal is Smaller Now, Less Ambitious, Still Unbankable

Adani’s Fading Dream of a Vast New Mine in Queensland

Even after news this week that it is being downsized enormously—and delayed once again—Adani’s plan to build the biggest open-cut mine in the world remains wholly unbankable. The project, envisioned in 2010 as a $16 behemoth that would produce 60 million tonnes a year, is now being pitched by Adana as a $4 billion, 25 […]

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Adani Project Epitomizes ‘Frontline’ of High-Risk Coal Projects

Joshua Robertson for The Guardian: Miners seeking the green light to dig up Queensland’s Galilee basin should be stopped as a priority, according to a new report showing existing fossil fuels projects worldwide are enough to push global warming beyond 2C. The report by the research and advocacy group Oil Change International argues there is […]

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Political Pressure in Australia to Block Taxpayer Subsidies for Carmichael Coal Project

Michael Slezak for the Guardian: The government is under increasing pressure to rule out public funding for Adani’s Carmichael coalmine, after the Senate passed a Greens motion calling on the Coalition to rule out financing the mine or any associated infrastructure. The government did not oppose the motion, so it was carried without a formal […]

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On the Blogs: Poor Transparency Around Australian Coal Project Suggests Taxpayer Risk

From Ambiguity and opaque disclosures continue to dog the world’s largest proposed new thermal coal project – the Carmichael Coal proposal of India’s Adani Enterprises in the Galilee Basin of central Queensland. “Excessive financial leverage combines with complex offshore corporate structures, tax havens, government investigations into alleged multi-billion dollar over-invoicing plus new requests for […]

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‘Bizarre’ Absence of Transparency Around Foundering Coal-Port Project in Australia

Joshua Robertson for The Guardian: Mystery still surrounds the control of one of Australia’s largest coal ports, which remains off the books of the Indian-based company that is listed as its owner with the Australian corporate regulator. The Mumbai-listed Adani Ports is registered with the Australian Securities and Investments Commission as the ultimate holding company […]

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GVK, Indian Player in Proposed Alpha Coal Mine, Makes No Mention of Project in Latest Filings

Financial Close Remains as Elusive and Distant as Ever for Development Plans in Northern Australia

India’s GVK Power & Infrastructure Limited this weekend reported its year-to-March 2016 results, detailing its fourth consecutive annual loss. Net debt increased US$435 million to a record high of US$3.5 billion. In contrast, shareholders equity shrank 30 percent year on year to US$202 million. Earnings Before Interest and Tax (EBIT) covered just 36 percent of […]

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‘Adani’s Carmichael Mine Is Just Not Going to Happen’

Michael West for the Sydney Morning Herald: Much is the wailing and gnashing of teeth at the move by the Queensland government to approve the project but this approval is entirely political. The evidence is compelling. Carmichael is the whitest of white elephants.   It is all about the appearance of commitment to jobs, jobs […]

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