Adani Group has turned to China to help fund a vast coal mine in Australia, holding talks with a big state-owned enterprise and enlisting Canberra’s support to market the project.
The Indian conglomerate approved construction of the A$16.5bn (US$12.7bn) coal mine in June but is struggling to fund the railway, coal and port development — in a project that has become a litmus test for global investors’ appetite for thermal coal.
Executives from Adani and Downer Group, a partner on the Carmichael coal project, met Zhang Chun, president of China Machinery Engineering Corporation (CMEC) earlier this year, according to CMEC’s website.
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