Resources, Finance - Korean Banks Avoid Adani Mine
Adani's plans to line up Korean financing for its mine in Queensland appears to have hit a snag after the banks told traditional land owners that they will not back the project.
The Export-Import Bank of Korea - said by the ABC to be a critical conduit for Korean lenders - wrote to the Wangan and Jagalingou (W&J) traditional owners to pretty much rule out the prospect of any lender interest in Adani from Korea.
"We would like to inform you that, the Export-Import Bank of Korea (Korea Eximbank) does not have any intent to provide financial support to the Carmichael project, since, as far as we know, there are not any Korean interests any more in the project," the bank wrote. "We wish to express that we have no intent to provide finance for the project."
Adani had been for months trying to line up financing for the Charmichael mine, starting with a $16.5 Billion plan and scaling it way down to $2 Billion. The anti-Adani wing of the W&J traditional owners is traveling to Korea to continue lobbying other lenders to avoid the project.