SYDNEY, June 6 (Xinhua) -- Adani Group, India's largest mining conglomerate, said on Tuesday they will go ahead with the development of Australia's largest ever coal mine, in what is set to be a multi-billion-dollar project in northern Australia.
Gautum Adani, chairman of the mining giant, will oversee the construction of Australia's largest thermal coal mine in Queensland, with pre-construction expected to commence in 3 months time.
The Carmichael project will be one of the biggest coal mines in the world and is forecast to cost a total of 21.7 billion Australian dollars (16.2 billion U.S. dollars), marking what Adani called "one of the largest single infrastructure and job-creating developments in Australia's recent history."
"This is a historic day for Adani, a historic day for regional Queensland, and a historic day for Indian investment in Australia," Adani said on Tuesday
"This is the largest single investment by an Indian corporation in Australia and I believe others will follow with investments and trade deals."
Despite Adani's confidence that the project will go ahead, the billionaire businessman with an estimated net worth of 6 billion U.S. dollars, has still not announced whether he has secured the finances for his Australian enterprise, with many of Australia's large banks steering clear of the controversial mine.
