Carmichael Coal Project

IEEFA Research

IEEFA Report: Proposed Coal-Fired Project for Bangladesh Is a High-Priced Scheme Meant to Prop Up Adani Power

IEEFA Report: Proposed Coal-Fired Project for Bangladesh Is a High-Priced Scheme Meant to Prop Up Adani Power

Godda Plan, Contrary to Its Poverty-Alleviation Advertising, Would Cost Customers Dearly

April 10, 2018 (IEEFA.org): Adani’s proposed Godda Power project would prove financially unviable and a poor strategic fit for Bangladesh, concludes a report published today by the Institute for Energy Economics and Financial Analysis (IEEFA). The IEEFA study—“Adani Godda Power Project: Too Expensive, Too Late, and Too Risky for Bangladesh”—finds also that the project is […]

IEEFA Australia: Adani Is Said to Seek Financing From a Chinese State-Owned Enterprise

'New Geopolitical Questions for an Already Highly Controversial Project'

Nov. 2, 2017 (IEEFA) — A Chinese government-owned enterprise is being courted as a new partner for Adani’s proposed Carmichael coal mine and rail project in northern Queensland, according to a research brief published today by the Institute for Energy Economics and Financial Analysis (IEEFA). The deal being sought with state-owned China Machinery Engineering Corporation […]

November 2, 2017 Read More →

IEEFA Australia: Escalating Financial Risk in Adani’s Abbot Point Coal Terminal

Begging the Question as to Why the Government Would Lend Heavily to a Tax-Haven Scheme Controlled by a Foreign Billionaire

Oct. 2, 2017 (IEEFA) — New analysis by The Institute for Energy Economics and Financial Analysis (IEEFA) finds that Adani’s Abbot Point Coal Terminal is excessively leveraged, promises negative shareholders equity, and runs the risk of becoming a stranded asset if Adani’s proposed Carmichael mine does not get the A$1 billion Australian taxpayer subsidy it […]

October 2, 2017 Read More →

NAIF Inadequate Project Assessment and Failure of Public Interest Test

Submission to Senate Inquiry into the Governance and Operation of the Northern Australia Infrastructure Facility

Our research in the context of Adani calls into question the project assessment and approval process of the Northern Australia Infrastructure Facility (NAIF) as it relates to a A$900 million loan request as well as the adequacy of the NAIF’s tests for risk appetite and for whether a project is in the public interest. Full […]

August 23, 2017 Read More →

IEEFA Update: Adani’s ‘Go-Ahead’ on Australian Mega-Coal Mine Is a Stunt

‘This Proposal Is Still a Pipe Dream’; Announcement ‘Theatrics’ Mean Little

Commenting on reports that Adani Enterprises Ltd has given the final go-ahead on the Carmichael mine proposal in Australia, Tim Buckley, IEEFA’s director of energy finance studies, Australasia said today: “An internal investment decision for the Carmichael mine is very different to an externally legally binding financial close. This proposal is still a pipe dream.” […]

IEEFA Update: An Increasingly Cursed Australian Coal Project

IEEFA Update: An Increasingly Cursed Australian Coal Project

Bad Financials, Weak Markets, Policy Headwinds, Social-License Issues, Transparency Questions, Climate Risk: The Many Afflictions Hobbling the Proposed Carmichael Mine

IEEFA has released an update today on Adani’s long-festering coal mine project in northern Queensland that plumbs the depths of the Indian conglomerate’s financials and finds them vastly insufficient for the supposed job at hand. Our report— “Adani: Remote Prospect: Carmichael Status Update 2017”—follows on previous work we’ve done around what would be the biggest new coal […]

New IEEFA Report – Adani: Remote Prospects

New IEEFA Report – Adani: Remote Prospects

Obstacles to Adani’s Project in Australia Have Only Grown: The Strategic ‘Moment’ for Coal Mining in the Galilee Basin Has Passed; Public Investment Is Ill-Advised; Markets Will Not Support an Unbankable Development

Almost two years ago we published a review in which we raised doubts about the Adani Group’s proposed Carmichael coal mine in the Galilee Basin of Australia and the associated rail and port infrastructure development. The mine would ship coal through the port at Abbot Point in the Great Barrier Reef. Today we’ve published an […]

September 15, 2015 Read More →
IEEFA Study: Corporate Restructuring at Adani Enterprises Enhances Shareholder Value; Marginalizes Australian Coal Project; Better Aligns Adani Group With Transformation of India’s Electricity Sector

IEEFA Study: Corporate Restructuring at Adani Enterprises Enhances Shareholder Value; Marginalizes Australian Coal Project; Better Aligns Adani Group With Transformation of India’s Electricity Sector

Proposed Development of Galilee Basin Project Will Become ‘Collateral Damage’

CLEVELAND, May 5, 2015 (IEEFA.org) — A report published today by the Institute for Energy Economics and Financial Analysis (IEEFA) concludes that Adani Enterprises’ recent corporate restructuring better aligns its parent Adani Group with minority shareholders and with new opportunities emerging in the Indian electricity sector transformation. It concludes also that the restructuring—which vastly reduces […]

May 4, 2015 Read More →
Global Energy Markets Transition Drives Thermal Coal Into Structural Decline

Global Energy Markets Transition Drives Thermal Coal Into Structural Decline

New Research by IEEFA Sees Slowing Demand for Coal and Rapidly Rising Investment in Renewables CLEVELAND, Jan. 14, 2015 (IEEFA.org) — Rapid expansion of renewable energy combined with weakening electricity demand are driving a structural decline in seaborne thermal coal markets, according to a new briefing released today by the Institute for Energy Economics and […]

January 14, 2015 Read More →
Briefing note: The Outlook for Financing for Australia’s Galilee Basin Coal Proposals

Briefing note: The Outlook for Financing for Australia’s Galilee Basin Coal Proposals

Briefing note: The outlook for financing for Australia’s Galilee Basin coal proposals By: Tom Sanzillo, IEEFA Director of Finance

October 22, 2014 Read More →

More News and Commentary

On the blogs: Big hurdles still face Adani’s slimmed-down Australian coal project

The Conversation: Indian mining multinational Adani has announced that it will self-fund a significantly smaller coal mine in the Galilee Basin, after failing to secure finance from more than 30 domestic and international banks and lenders. The scaling down of the project has been extensive. Adani Mining chief executive Lucas Dow said the mine will […]

December 4, 2018 Read More →

Adani downsizes Australian coal mine plan, says it will build without government support

The New York Times: After months of protests over whether Australia should subsidize one of the world’s largest coal mines, the Indian mining giant Adani announced on Thursday that it would scale the project back and finance it itself. The Carmichael mine had been projected to produce 60 million tons a year from the coal-rich […]

November 29, 2018 Read More →

New concern about Aussie government’s role in Adani coal project

The Sydney Morning Herald: Australian and South Korean officials have discussed drumming up investment in the controversial Adani mega-mine, according to official documents that appear to throw into doubt claims by the Department of Foreign Affairs and Trade that it has not helped secure finance for the project. The revelations will prompt questions over why […]

October 5, 2018 Read More →

Adani’s Carmichael Coal Project Takes Another Hit

The Guardian: The global engineering company AECOM, the firm that had been designing Adani’s $2.2 billion rail line to its Carmichael coal mine, says that it has “demobilised” and is no longer working the project with the Indian conglomerate–but Adani says it is still “100% committed to the Carmichael project.” Engineering design contracts often have […]

May 17, 2018 Read More →

Economic Reality May Finally Kill Proposed Carmichael Coal Project

The Guardian: Adani’s coal-fired power business has reported more heavy losses, prompting the Indian conglomerate to announce it would shift away from using expensive imported coal. Analysts say the fourth-quarter financial results for Adani Power, a subsidiary of the Adani group, showed the proposed Carmichael mega-mine in Queensland was no longer a viable proposition. Remarkably […]

May 7, 2018 Read More →
IEEFA Report: Proposed Coal-Fired Project for Bangladesh Is a High-Priced Scheme Meant to Prop Up Adani Power

IEEFA Report: Proposed Coal-Fired Project for Bangladesh Is a High-Priced Scheme Meant to Prop Up Adani Power

Godda Plan, Contrary to Its Poverty-Alleviation Advertising, Would Cost Customers Dearly

April 10, 2018 (IEEFA.org): Adani’s proposed Godda Power project would prove financially unviable and a poor strategic fit for Bangladesh, concludes a report published today by the Institute for Energy Economics and Financial Analysis (IEEFA). The IEEFA study—“Adani Godda Power Project: Too Expensive, Too Late, and Too Risky for Bangladesh”—finds also that the project is […]

Adani’s Owner Has Amassed Enough Wealth to Pursue Australia Coal Project Without Banks or Taxpayer Support

Sydney Morning Herald: A leading energy analyst says a reluctance by banks to finance the controversial Adani coal mine is no longer an insurmountable hurdle because the billionaire family behind the proposal has enough wealth to fund the project itself. Should Indian mining magnate Gautam Adani decide to personally finance the controversial plan, it would […]

March 13, 2018 Read More →
IEEFA Update: A Lobbyist With Coal-Colored Glasses Can’t See the End Game

IEEFA Update: A Lobbyist With Coal-Colored Glasses Can’t See the End Game

An Open Letter in Response to a Misguided Op-Ed in the Australian Financial Review

Dear Editor: On behalf of the Institute for Energy Economics and Finance Analysis (IEEFA), I write to highlight some key factual errors and omissions in what we consider to be an extraordinarily disingenuous op-ed that your publication carried recently. It is telling that the piece is credited to Frontier Economics, a coal lobbyist working for […]

March 1, 2018 Read More →

As Global Markets Shift, a ‘Nightmare’ for Backers of Stranded Australian Coal Project

Bloomberg News: Australian mining legend Lang Hancock’s dream four decades ago of exporting coal from the country’s remote Galilee Basin is becoming a nightmare for two Indian conglomerates. Adani Group bought into the Queensland basin in 2010, followed a year later by GVK Group, with plans to ship thermal coal by the middle of the […]

March 1, 2018 Read More →

Key Rail Player Pulls Out of Adani’s Australian Coal Project

Financial Times: Australia’s largest rail freight operator withdrew an application for a A$1bn (US$777m) state-backed loan on Friday to build a rail line to support development of the Galilee Basin, one of the world’s largest untapped coal reserves. The decision by Aurizon represents another setback to Indian mining groups, Adani and GVK Hancock, which are […]

February 9, 2018 Read More →