Following the completion of comprehensive field explorations India’s Adani Group (NSE:ADANIENT) is on the verge of proceeding with the development of Queensland’s Carmichael coal mine – the world’s largest coal tenement with deposits estimated at AUD$10 billion.
The Australian reports that Federal Resources Minister Martin Ferguson and Queensland Premier Campbell Newman are currently in India to formalize the deal for the project with Adani Group.
The project encompasses the building of a mine as well accompanying rail and port infrastructure, and will lead to the creation of 4,000 long-term jobs.
Adani Group has already placed a plethora of its chips in the Australian mining industry, having invested a total $3 billion in integrated projects in the antipodes with a further $7 billion slated for the next several years.
The coal from the Carmichael Mine will be exported to India following delivery via a 400km railway to the Adani Group’s Abbot Point terminal near Bowen on the Queensland coast.
The announcement arrives just following a landmark visit by Julia Gillard to New Delhi, where the Australian Prime Minister bolstered trade relations and affirmed her country’s willingness to export uranium to India, as well as news that a vigorous crackdown on illegal activity in India’s domestic coal mining industry has created tremendous opportunities for overseas production.