Adani Australia Signs Royalty Payments Agreement With Government
Australian arm of Indian multinational company Adani Group has reached a royalty payments agreement worth $16.5 million with the Queensland government for its Carmichael coal mine projects, informed the company in an official statement.
Details of the agreement between the parties are yet to be announced.
The royalties’ agreement means the project is back on track to generate 10,000 direct and indirect jobs in regional Queensland, added the company.
The agreement meets Adani’s expectations and requirements after the approval from State Cabinet. The parent company said a final investment decision on the mine would be made at its next board meeting.
“I thank the Premier, Annastacia Palaszczuk, and the elected members of the State for their continued support to make this happen. I also wish to thank the Prime Minister, Malcolm Turnbull, and Opposition leader, Bill Shorten, for their support for the changes to the Native Title Bill,” said Gautam Adani, Adani Chairman.
The future of the coal mine was cast into doubt earlier this month when Adani postponed its final investment decision as it waited for the government to decide whether a "royalties holiday" would be granted.
The proposed discount was expected to cost the state hundreds of millions of dollars.
However last Friday (26 May), Premier Annastacia Palaszczuk said Adani would "pay every cent of royalties in full" but left open the option for deferred payments.
Adani plans to expand the port capacity from 50 million tonnes to 120 million tonnes per annum of its owned and operated bulk coal port facility at Abbot Point near Bowen in North Queensland.
