Relief for Adani Group as Australian Court Dismisses Plea Against Carmichael Mine
Adani Enterprises Ltd. stock gained after the Australian Federal Court dismissed an Australian Conservation Foundation case against the $21 billion Carmichael mine project.
Construction can begin in 2017, “pending the resolution of a small number of outstanding legal challenges,” the company said in a press release.
The project has been stalled for six years due to legal hurdles. Over ten appeals and judicial processes have been brought on by activists, the company added.
Clearly, the time has come for the will of communities who are crying out for these projects to proceed to have their voices heard — not just those of activists from out of town.Adani Enterprises' Press Release
This is the second legal victory for the Adani group this month, after the Federal Court dismissed a challenge from a Queensland traditional owner to mining leases given to Adani.
Following today's announcement Adani Enterprises shares rose as much as 2.6 percent to Rs 74.15 on the Bombay Stock Exchange.
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