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Last Updated : Jun 13, 2019 10:08 AM IST | Source: Moneycontrol.com

Adani Enterprises gains 3% on final nod for Australian coal mine

Adani has said that is ready to start construction "within days" of receiving the permit for its Carmichael mine that would produce 8-10 million tonnes of thermal coal a year and cost up to $1.5 billion

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Adani Enterprises shares gained 3 percent intraday on June 13 after receiving final approval for construction of coal mine in Outback, Australia.

The stock was quoting at Rs 154.75, up Rs 1.65, or 1.08 percent on the BSE at 0938 hours IST.

On June 13, the Adani Group-led multinational conglomerate company received the go-ahead to start construction of a controversial coal mine in Outback, Australia, after a state government approved a final permit on the ground water management.

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Queensland's Department of Environment and Science (DES) said in a statement it had approved Adani's Groundwater Dependent Ecosystem Management Plan.

Adani has said that is ready to start construction "within days" of receiving the permit for its Carmichael mine that would produce 8-10 million tonnes of thermal coal a year and cost up to $1.5 billion. The company will ramp up production to 27.5 million tonnes at the mine.

Environmental activists have contested the project since it was first proposed eight years ago because of concerns about global warming and the potential impact of its port operations on the Great Barrier Reef. Carmichael is one of the world's biggest greenfield coal projects in recent years.

(With inputs from Reuters)

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First Published on Jun 13, 2019 10:08 am
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