Carmichael Coal Project

IEEFA Research

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

update 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 mine in the […]

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 →
Briefing note: Fossil fuels, energy transition & risk, July 2014

Briefing note: Fossil fuels, energy transition & risk, July 2014

Briefing note: Fossil fuels, energy transition & risk,  July 2014 (pdf) By Tim Buckley, Director of Energy Finance Studies, Australasia, IEEFA

July 21, 2014 Read More →
Briefing note: Fossil fuels, energy transition & risk

Briefing note: Fossil fuels, energy transition & risk

 Briefing note: Fossil fuels, energy transition & risk (pdf)

June 5, 2014 Read More →
Briefing note: Thermal coal outlook

Briefing note: Thermal coal outlook

Briefing note: Thermal coal outlook (pdf) By Tim Buckley,  Director of Energy Resource Studies, Australasia, IEEFA  

May 15, 2014 Read More →
Briefing note: India power prices

Briefing note: India power prices

Briefing note: India power prices (pdf) By Tim Buckley,  Director of Energy Resource Studies, Australasia, IEEFA

May 5, 2014 Read More →

More News and Commentary

Adani’s Australia Problem

Business Standard (India): Indian Energy Minister Piyush Goyal said the country already had enough coal without the Adani mine. “We don’t wish to import coal from anywhere in the world. We have sufficient coal capacity in our country,” Goyal told ANI. Goyal’s statements contrast with the Adani group’s stated objective of the project. The group […]

June 13, 2017 Read More →

IEEFA Australia: Adani’s ‘Pit-to-Plug Strategy’ Is Fraying at Both Ends

‘Defer, Delay and Pray’ Appear to Be the Unspoken New Watchwords for the Company That Would Build the Carmichael Coal Project

Gautam Adani, the chairman of the Indian conglomerate Adani Group, has long argued that the Carmichael coal proposal in the Galilee Basin of Australia is a key part of his company’s “integrated pit-to-plug strategy.” The Adani logic for the Carmichael project assumes that the traded price of seaborne thermal coal is irrelevant to the commercial […]

June 12, 2017 Read More →

Adani’s Financials on Australian Coal Project Are Falling Apart

Business Standard (India): Even as the Adani Group is gearing up to invest $16.5 billion in a coal mine project in Australia, previous investments by GVK Power & Infrastructure and Lanco Infratech in similar projects have resulted in financial mess, according to bankers and analysts. While GVK’s yet-to-be-developed mine would require investments of another $500 […]

June 9, 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 Australia: Adani Can’t Seem to Get the Public Subsidies It Requires for Its Carmichael Coal Project

Further Evidence That a Mine Proposal Is Unbankable

In saying that it has deferred its investment decision on its Australian Carmichael coal proposal because the Queensland Government hasn’t granted it yet another subsidy, Adani Enterprises is demonstrating once more that the project is unbankable. We’re not aware of a single private financial institution that has endorsed the proposal, which suggests to us that […]

May 23, 2017 Read More →

Adani Tries ‘Blackmail’ as It Seeks Public Subsidies for Project in Australia

Financial Times: A company controlled by Indian billionaire Gautam Adani has deferred a decision to build one of the world’s biggest coal mines in Australia following political wrangling over whether it should be granted financial concessions in the form of a “royalty holiday”. The A$16.5bn ($12.3bn) project has divided the state government over the merits […]

May 22, 2017 Read More →

IEEFA Asia: India’s Electricity-Sector Transformation Is Happening Now

Utility-Scale Solar Projects Continue to Attract Record Low Bids

The Indian energy market transformation is accelerating under Energy Minister Piyush Goyal’s leadership. The most recent and most persuasive evidence is the collapsing cost of solar electricity—a collapse that has gone beyond anyone’s expectations, and the results are in: solar has won. The global energy market implications are profound. Recent events have given manifest life […]

May 17, 2017 Read More →

Pushback by Rival on Australian Subsidy to Indian-Owned Coal Conglomerate

Australia Financial Review: New Aurizon boss Andrew Harding gets a chance this week to remind the broader investment community that the debate about how to pay for a big new Queensland coal railway is more complicated that whether or not Commonwealth can see its way to lending $1 billion to an Indian billionaire. Adani has, […]

April 26, 2017 Read More →
IEEFA Update: An Increasingly Cursed Australian Coal Project
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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

update 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 mine in the […]

IEEFA Press Release: Adani’s Carmichael Idea Is More Unbankable Than Ever

‘A Feckless Entrepreneurial Scheme Equivalent to Those Last Seen in Australia in the 1980s

April 24, 2017 (IEEFA) — Mounting debt across the Adani Group suggests that the Indian conglomerate’s Carmichael mine proposal for northeast Australia has become an increasingly precarious house of cards, according to new report by the Institute for Energy Economics and Financial Analysis (IEEFA). The report—“Adani: Remote Prospect: Carmichael Status Update 2017”—notes that Adani Enterprise […]

April 24, 2017 Read More →