In what can boost prospects for Adani Group's Australian investments, the Australian Federal Court on Monday dismissed a plea filed by a group of activists against the company’s $21.7-billion Carmichael coal mine project.
Welcoming the decision of the Federal Court dismissing the case filed by a green crusader group, the Adani Group stated that consistent with earlier decisions of Queensland's Land Court and the Federal Court affirming the company's approvals, the Federal Court has determined that due process has been followed.
With the latest order in favour of its coal mining project in Queensland, the company now expects to start the construction in 2017. “..pending the resolution of a small number of outstanding legal challenges”.
In a statement filed with the stock exchanges, Adani Enterprises Ltd informed that these legal challenges were designed by activists to delay the project.
At their core, these challenges have been about stopping investments and jobs as part of a wider activist campaign against mining. The activist-driven challenges are part of a known minority campaign.
The decision closely follows the Federal Court’s dismissal on August 19 of another activist-driven legal challenge designed to delay the project, the company stated.
Post the announcement, Adani Enterprises shares hit an intra-day high of Rs 74.25 before trading at Rs 72.70 with close to one per cent gain over the previous close on the NSE.