The company also said the reshuffling of the Mundra asset had no impact on the Queensland project while the Native Title issue should be largely resolved this week when legislative amendments are expected to passed by the Senate.
The company also said the reshuffling of the Mundra asset had no impact on the Queensland project while the Native Title issue should be largely resolved this week when legislative amendments are expected to passed by the Senate. Contributed

Adani coal production to be delayed for two years

ADANI won't produce coal from its central Queensland mine until 2023, at least two years later than the company's forecast, according to global coal research company Wood Mackenzie.

The forecasts comes ahead of an expected restructuring of Adani's debt and a reshuffling of it Mundra power station, in India, to a separate company after it failed to regulatory approval for a price rise for its electricity.

Wood Mackenzie's senior analyst Pralabh Bhargava he expected Adani's Carmichael to be the first mine to be developed in the Galilee Basin with production from Carmichael's surface mine in 2023.

"Given the scale of the project, we have aligned Carmichael's start date with our coal market's export view that Galilee Basin coal will only be required by 2023," Mr Bhargava said.

That aligns with other producers, including New Hope, who believe there will be a gap in the thermal coal market around 2023.

"It also accounts for delays due to Native Title Law challenges and finance risk associated with the project,'' Mr Bhargava said.

But Adani said its forecasts for a 2020-21 start had not changed. It has forecast financial close on its project for late 2017 or early 2018.


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