Indian mining giant Adani has scaled back its plans for a massive coal mine in Queensland as it tries to stitch up funding for the project.
The original $16.5 billion dollar Carmichael coal mine in the Galilee Basin would have seen an output of 60 million tonnes of thermal coal per year at its peak.
That’s now been scaled back to an initial outlay of less than $2 billion for the first stage of the project.
Initial output will sit at around 15 million tonnes a year, with capacity to ramp that up to 27 million tonnes.
Adani Mining CEO Lucas Dow says it will be easier to secure funding for the project now it has been downsized.
The project has been struggling to attract financial backing.
“This capital-efficient approach is practical, achievable and will allow us to deliver coal to our customers sooner and to take advantage of strong demand,” he said in a statement.
“We are close to finalising finance as the recent mine and rail decisions have significantly simplified the finance requirements for Carmichael.”