Controversial Coal Developer Adani Renames Australia Unit
(Bloomberg) -- India’s Adani Enterprises Ltd. renamed its Australian mining unit in a move critics see as aimed at distancing the rest of the conglomerate from a contentious new coal development.
Adani last year won approval to proceed with the 10 million-tons per-annum Carmichael thermal coal project after a decade-long struggle with regulators and environmental protesters. Carmichael became a lightning rod for climate campaigners because it will open up a new region to coal mining, connecting the previously untouched Galilee Basin to Queensland’s freight network via a new rail line.
The company has renamed itself Bravus Mining & Resources to mark the 10-year anniversary of its operations in the country, and the project’s move into the construction phase, Chief Executive Officer David Borshoff said in a statement.
“Adani knows its brand is toxic – which is why insurers, financiers and other contractors continue to abandon it,” said Christian Slattery from the Australian Conservation Foundation.
Apollo Syndicate Management last week became the latest insurer to say it would not renew a policy for the project. Meanwhile, Siemens AG earlier this year said it would honor a contract to supply signaling systems to the Carmichael rail link, defying a backlash from activists in Australia and Germany. Adani is self-financing the mine after failing to secure external backing.
Borshoff said Carmichael was on track to produce its first coal in 2021, and had already secured a market for its output in India and Asia.
“The quality of coal from the Carmichael Mine is better than the coal it will replace in the market,” Borshoff said. “It will produce fewer emissions when burnt to produce electricity, which makes it suitable for the new generation coal-fired power plants in India and Asia that are more energy efficient.”
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