Adani Enterprises Wins Approval From Queensland for A$16.5 Billion Coal and Rail Project

The Gaurdian reported today that Adani Resources (NSE:ADANIENT,BOM:512599) has received approval for its $16 billion coal project in Queensland’s Galilee Basin. The approval comes despite fears that Adani’s project could cause damage to the Great Barrier Reef, according to the Gaurdian.

As quoted in the publication:

The port that Adani plans to use, Abbot Point, is facing a legal challenge from environmentalists fighting expansion plans that would involve dredging up 3m cubic metres of sand and dumping it near the Great Barrier Reef. Green groups have criticised the economics of the project as well, highlighting that getting coal out of the Galilee Basin, which is nearly 310 miles (500km) from any port, will be a loss-making prospect if thermal coal prices stay where they are, below $75 (£44) a tonne.

Click here to read the full article from the Gaurdian.