Thursday , November 24 2016
Home / Business / Financials / CBA will no more offer financial advice to Adani’s Carmichael mine

CBA will no more offer financial advice to Adani’s Carmichael mine

CBA

London, Aug. 6 : Australia’s Commonwealth Bank (CBA) will no longer offer financial advice to Indian company Adani’s Carmichael mine in Queensland.

According to the BBC, CBA’s exit came following the Australian court’s decision to reverse a government approval for Carmichael mine on environmental grounds.

Financial experts said that the decision could make it difficult for Adani to finance the 12 billion dollar project.

The Australian court admitted of reversing the government approval after Australian Environment Minister Greg Hunt failed to pay heed to the advice regarding threats to vulnerable animal species.

The Carmichael coal mine, approved by the government last year, would have been one of the world’s biggest coal mines.

The project would have aided in the export of about 60 million tonnes of coal a year, mostly to India. (ANI)