Adani is seeking A$2 billion in financing by March 2018 for the A$4 billion first stage of its proposed Carmichael coal mine in the state of Queensland. Photo: MintSydney: China’s two biggest banks said they do not plan to finance a controversial Australian coal mine, in the latest blow to Indian conglomerate Adani Enterprises Ltd’ long delayed project. Industrial and Commercial Bank of China (ICBC) and China Construction Bank said in separate statements they were not working on the project, after media recently reported that Chinese banks may get involved. “China Construction Bank is not involved with, nor considering involvement with, the Adani Carmichael Mine project,” an external spokesperson for China Construction Bank in Australia said in an emailed statement on Monday. Reuters has previously reported that Adani was in talks with China Machinery Engineering Corp (CMEC) for a loan, which could have involved China Construction Bank or China Export Import Bank.

Source: Mint December 04, 2017 05:37 UTC