In August 2025, the Queensland Government and Adani announced an end to legal action over royalty payments by Adani’s Carmichael Coal Mine. This briefing note uses publicly available data on market prices, production and revenue from the Carmichael Mine, to estimate the discrepancy between the royalties paid by Adani and the royalties that might have been expected by the Queensland Revenue Office.

Key findings

• Adani sold coal for $100/t through a period that saw relevant coal prices reach $280/t, resulting in apparent royalty underpayments of almost $400 million.
• It is difficult to understand the Queensland Government’s actions in walking away from legal proceedings to reclaim these royalties.
• The Queensland Government’s decision to abandon its pursuit of these royalties may be linked to regulatory action around Adani’s Abbot Point coal terminal.