Adani Enterprises has won support from the Indian government and an Australian State to help it build a $7 billion coal mine, rail and port project, defying a slump in coal prices to 5-1/2 year lows that has stalled rival projects. The Indian trading and infrastructure conglomerate signed a memorandum of understanding to line up a loan of up to $1 billion from the State Bank of India for the Carmichael mine in Queensland, which it aims to build by the end of 2017. ´The MoU with SBI is a significant milestone in the development of our Carmichael mine,´ Adani Group Chairman said in a statement, following a signing agreement in Brisbane.
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