Yesterday’s announcement that Adani Mining would proceed with the Carmichael mine project without external funding was not entirely surprising. Adani has persevered with the project despite years of failure, and it was already obvious that Gautam Adani could do most of the financing out of his own resources. The accelerating flight of banks, insurance companies and pension funds away from coal means the company really had no other option.
The fact that Adani has been unable to find external funding is well known, as is the fact that a starting date has been announced several times in the last eighteen months. But the pattern stretches back years, and goes far beyond problems with finance.
For at least five years, Adani has been announcing the imminent, or actual, start of the project. Over this period, business partnerships have been announced, only to then break down. In Adani’s telling, these serial divorces were due to the fact that the other party was no longer needed.
Read the full article on Inside Story.