Rothschild withdraws from advising Adani on Australia coal project

Rothschild & Co has decided not to advise Adani in the financing or development of the $4 billion Carmichael coal mine in Queensland, Australia, a letter from the bank to an environmental group said.

The bank is also not advising the firm on the planned sale of stake in the Abbot Point Coal export terminal, said the May 12 confidential letter to Friends of the Earth, France.

A spokeswoman for the bank confirmed the authenticity of the letter but provided no further comment.