Adani Wins Approval for $1.94 Billion Carmichael Rail Line

The Economic Times reported that India’s Adani Mining (NSE:ADANIENT) has won approval to built a $1.94 billion rail line for its Carmichael coal mine project in Queensland. The company is calling it a “significant milestone” for the project.

As quoted in the publication:

Queensland state’s Coordinator General last month had cleared the way for the Aus dollars 2.2 billion ($1.94) 300-km rail line called the North Galilee Basin Rail (NGBR) that would link Adani’s Carmichael Coal Mine with Abbot point coal terminal.

The 16.5 billion Australian dollars ($15 billion) coal project is expected to provide electricity for up to 100 million people in India. The rail line will enable transportation of 100 million tonnes of coal annually.

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