Adani not a miner
Wednesday 18 May 2016
Adani CEO Jeyakumar Janakaraj has used an “Engaging with India” conference in Sydney this week to re-state Adani’s belief that the proposed Carmichael mine in the Galilee Basin is viable - even at today’s coal prices.
However, he says referring to them as a “mining giant” misunderstood the business case for building a mine in the Galilee Basin.
"Adani is often called a mining giant,” he told the event sponsored by Fairfax and the Australia-India Business Council.
“I would like to make this statement very simple and clear: we are not a mining company.
"Adani is a large infrastructure company with verticals in ports, energy and logistics businesses, and the coal mine that we do have ambitions to open in Queensland is an integrated play that we have in our energy sector business.
"We are not a charitable organisation; we are here to do business and obviously the fundamental rule of business is economics… If you take it from a simple standpoint, even with current coal prices, we will make enough margins to service both debt and equity."Mr Janakaraj also said the mine development had to be seen in context, with it being just one part of their Australian operations, including their involvement in Australia's solar industry and the potential to expand the capacity of the Adani-owned port at Abbot Point near Bowen.
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