Australia govt company seeks to invest in Adani’s coal mine project | business news | Hindustan Times
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Australia govt company seeks to invest in Adani’s coal mine project

Chief executive of QIC Damien Frawley said the company, whose major clients include defined benefit superannuation scheme for Queensland public servants, was keen to explore infrastructure opportunities around the state.

business Updated: Mar 29, 2017 11:29 IST
(Reuters photo)

An Australian government-owned fund manager company has expressed interest to invest in “infrastructure pieces” of Indian energy giant Adani’s $21 billion controversial coal mine project in Queensland.

Chief executive ofQIC, Damien Frawley,said the company, whose major clients include defined benefit superannuation scheme for Queensland public servants, was keen to explore infrastructure opportunities around the state.

Even though the companyhas not been approached for investment in the Adani’s Carmichael coal mine project, QIC has said itwould not be interested in the mine itself.

“But the infrastructure pieces of Adani would be interesting for us to explore. If it fitted within the return rates we are seeking,” Frawley was qouted as sayingby ‘The Courier Mail’ here.

The indicated area of investmentcould include the construction of a 500-kilometre rail corridor from Galilee Basin to the coast and expansion of coal export terminals at Abbot Point near Bowen, it said.

Frawley saidthe company was also looking at another $5.4 billion Cross River Rail initiative forthe country.

“It’s a piece of infrastructure we would be very keen to explore,” he said, addingthat “the funding is the area that Government is trying to solve at the moment.”

“I think there’s an opportunity for private capital to participate if the economics of that investment are favourable,” he said.

QIC, which was founded in 1991 with $7 billion under management, has built up a $79 billion portfolio of assets and investments in Australia and overseas.

Despite beingtargetted by several political and environmental groupfrom time to time, Adani hasreaffirmed its commitment for the project and promised tocreate economic prosperity, including creatingthousands of jobs for the people of regional Queensland.

“Our mining project will create economic prosperity and will also create thousands of jobs for the people of regional Queensland,” said Adani Group Chairman Gautam Adani during arecent meeting withQueensland premierAnnastacia Palaszczuk in India.

“The Carmichael mine will help bring energy security to millions of Indians who do not have access to electricity. The Adani group is committed to nation building projects in the energy and infrastructure space which will create economic and social benefits for people of India and Australia,” he said.

Carmichael coal mine project, one of the world’s largest, will start construction this year after being given the green light by the federal and Queensland state governments.

The project involves dredging 1.1 million cubic metres of spoil near the iconic Great Barrier Reef Marine Park, which will then be disposed off on land.

Cricket legends Ian and Greg Chappell and other prominent Australians in an unusual move recently wrote to Adani to abandon the project, warning it could damage bilateral ties and even hit sporting links.