Comments
In a major breakthrough for Adani Group, its Australian arm Bravus Mining has struck coal at the Carmichael mines in Queensland.
The commodity-to-energy conglomerate's Australian mining division, Bravus Mining & Resources, on Thursday announced striking coal in the Carmichael mines, which had been caught in protests by global environment activists and conservationists.
“Proud of my tenacious team who mined Carmichael's 'first coal' in the face of heavy odds,” Gautam Adani, Chairman of Adani Group, Tweeted on Thursday.
Celebrating his 59th birthday, he said, “There couldn't be a better birthday gift than being able to strengthen our nation's energy security and provide affordable power to India's millions. Thank you, Queensland and Australia.”
Adani became the first Indian company to open a greenfield mine in Australia.
Many hurdles overcome
Announcing the coal discovery, Bravus CEO David Boshoff, said, “Nearly two years ago today we received our final approvals to develop the Carmichael mine and rail project. We have faced many hurdles along the way, but thanks to the hard work and perseverance of our team, we have now reached the coal seams.” There are over 2,600 people on the project in Australia.
The Group had fought at multiple levels to secure approvals for the mining project. “Our people have put their hearts and souls into this project — it is wonderful that we have now struck coal,” Boshoff said.
Bravus looks to export the first coal packet in 2021, as earlier announced.
“We’re on track to export first coal this year, and despite reaching this significant milestone, we will not take our eyes off our larger goal of getting coal to the market,” the CEO said.
Destination India
Bravus has already secured the market for 10 million tonnes per annum of the production at the Carmichael mine. India will continue to be its major destination.
Boshoff also clarified that the coal will be sold at index price and that the company will not be engaging in transfer pricing practices, which “means that all of our taxes and royalties will be paid here in Australia. India gets the energy they need and Australia gets the jobs and economic benefits in the process,” he said.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.