Brisbane, Australia, 17 November 2014
MEDIA STATEMENT
State Bank of India and Adani Memorandum of Understanding (MOU) to promote
company’s long-term future with Queensland
Adani Mining, the Australian subsidiary of Adani Enterprises, and the State Bank of
India (SBI), the country’s largest lender, have today signed an MOU in the aftermath
of the successful Brisbane G20 Summit concluded over the weekend. Adani’s
Australian operations are headquartered here in Brisbane, and the company has
made building a long term future with the state of Queensland a key focus of its
Australian arm.
The MOU provides for a credit facility of up to $1 billion USD subject to the detailed
assessment of the company’s mine project at Carmichael, near Clermont in Western
Queensland.
The mine, which holds a JORC-certified resource in excess of 11 billion tonnes of
thermal coal, is the centrepiece of Adani’s integrated mine, rail and port project in
Queensland, and a key plank of the company’s value chain going forward. SBI is a
long-term and highly valued partner of Adani in its home market. It has long been a
key financier of the company’s job-creating power, infrastructure and diversified
projects in India and abroad.
“The MOU with SBI is a significant milestone in the development of our Carmichael
mine. It is a unique asset that lies at the heart of our investment in Queensland and
Australia, and aligns perfectly with our clear vision for delivering energy security in
the Indian market”, Adani Group Chairman and Founder, Gautam Adani said.
Adani Mining CEO and Country Head, Jeyakumar Janakaraj, added that the MOU and
other agreements nearing their conclusion send a clear signal to the market that the
company’s project is on track for first coal in 2017. This project, which is evincing
interest from private and public financiers in India and abroad, will deliver 10,000
jobs and $22 billion in taxes and royalties to Queensland in addition to helping Adani
deliver cost-efficient power in the Indian market.
The state government has further underlined the importance of this project by
announcing today its willingness to invest in export-enabling infrastructure, namely
the rail component of our project. It is yet another example of the confidence close
observers of our project has to deliver on our plan to build a long term future with
Queensland, placing the state at the heart of Australia’s plans to be a key energy
exporter to India and to other rapidly expanding markets.
Adani Mining Pty Ltd
Level 25
10 Eagle Street, Brisbane QLD 4000
GPO Box 2569, Brisbane QLD 4001
Australia
Registered Office: Level 30, 10 Eagle Street, Brisbane QLD 4000, Australia
ABN: 27 145 455 205
Tel +61 7 3223 4800
Fax +61 7 3223 4850
reception.australia@adani.in
www.adanimining.com
With two-way trade between the two countries set to exponentially increase, SBI’s
expected support will not just assist one of its largest clients meet rising energy
demand in India, but will also help Australia fulfil its long-term future with India as a
reliable and valued energy exporter, a central focus of the two countries’ deepening
ties.