Following on from last week’s veto of the proposed Northern Australia Infrastructure Facility (NAIF) loan for Carmichael’s rail development, Adani has decided to manage its AUD$16 billion Carmichael operation in Queensland as an owner-operator, voiding all existing agreements with the contractor Downer.

Adani stated that the move was “in line with its vision to achieve the lowest quartile cost of production by ensuring flexibility and efficiencies in the supply chain”, with the company remaining “committed to develop the Carmichael project”, ensuring the highest level of standards and governance.

Adani and Downer have mutually agreed to cancel all Letter of Awards, with Downer providing transitional assistance until 31 March 2018.

Source: www.adaniaustralia.com