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Title : Major Chinese banks reject bankrolling Adani mine
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Major Chinese banks reject bankrolling Adani mine

Adani's controversial Carmichael mine has been dealt another blow after one of China's major banks said it would not bankroll the project.

Key points:

• Two of China's major banks have ruled out funding the Carmichael mine
• This leaves Adani "increasingly reliant on public funding", expert says
• Adani previously claimed it would have finance in place by the end of this year

Industrial & Commercial Bank of China (ICBC) issued a statement to clarify it had no intention of funding Adani's proposed mine in Queensland.

"ICBC has not been, and does not intend to be, engaged in arranging financing for this project," ICBC said in a statement on its website.

"ICBC attaches great importance to its social responsibilities and keenly promotes green financing."

While not mentioning coal, ICBC said it had provided finance in Australia "for a series of renewable energy projects".

Earlier, China Construction Bank also rejected financing links with Adani saying it "is not involved with, nor considering involvement with, the Adani Carmichael Mine project".

The anti-Adani lobby has hailed the rejection by two of China's major banks as a significant development in blocking the construction of the mine.

Blow follows failure to secure finance from other banks

Market Forces executive director Julien Vincent said arranging finance from China was one of Adani's last remaining hopes given that Australian banks had walked away.

"Having failed to secure finance from banks in the US, Europe and Australia, Adani has now seen the world's largest and second largest banks by assets rule out support for its massive proposed coal mine," Mr Vincent said.

"This leaves their attempts to open up Australia's largest coal mine in tatters, and increasingly reliant on public funding."

Mr Vincent said Adani has been working to contract China Machinery Engineering Corporation (CEMC) into the Carmichael mine and rail project.

However, CEMC would potentially need to source credit and support from Chinese banks to participate in the Adani project.

Adani has, on numerous occasions, pushed back the start date for the mine.

Adani has previously claimed it would have finance in place by the end of this year and, later, said it expected to finalise finance by the end of the Indian fiscal year in March.

Global banks, including Australia's major banks, have baulked at funding the Carmichael coal mine on concerns about its financial viability and the push towards renewable energy sources.

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