in 2016, Adani told reporters. Coal from the mine will be used to fuel the group’s power plants in India as well as for trading.
“Initially we plan develop 60 million tonne per year capacity out of which 50-60% will go to India, while 50-40% would be for trading,” Adani said.
The group also plans to increase capacity of its Abbot Point port’s coal terminal in Queensland that it acquired in 2011 to 120 mt a year from 50 mt now. Coal from the Carmichael mine will be transported via its 400km railway line to Abbot Point for exports to the group’s power plants in India. The Martin Ferguson, Australian minister for resources and energy who was visiting the group’s flagship port in Mundra, said regulatory clearances for the Carmichael mines project are expected by mid-2013. The move to invest in Australia defies a global commodities slowdown that has crippled many miners, but Adani reckons the market should look much brighter by 2016, when the group will begin to reap the rewards of its investment. “It is a long-term investment. A little bit of pain in the short term does not bother us,” he said.