The chief executive of the Adani group’s mining arm in Australia has suggested his company could seek a sizeable compensation in case the government there cancels its lease on a $16.5-billion coal mining project in Queensland’s Carmichael.
Adani Australia Mining chief executive Lucas Dow made the suggestion before a parliamentary committee reviewing a bill demanding a ban on all coal mining in the Galilee Basin where Carmichael is situated.
“This bill would create enormous regulatory uncertainty and sovereign risk for Queensland, which would extend well beyond simply the Galilee Basin,” Dow told the hearing in Brisbane on Monday. The Adani Australia mining chief executive told the committee the company had spent “$1.4bn to date” on the Carmichael project. “Clearly there would be a legal recourse to this.”
