Bravus said “India will be a foundation customer for the Carmichael project and is the fourth-largest global user of electricity as well as the source of the biggest growth in global energy demand. We have already secured the market for the 10 million tonne per annum of coal produced at the Carmichael mine. The coal will be sold at index pricing and we will not be engaging in transfer pricing practice, which means that all of our taxes and royalties will be paid here in Australia.”

 

In a follow-up statement Bravus said “Carmichael coal, like any other traditional thermal coal, is not suitable for use in plastics. It is suitable for use in energy and electricity generation and has always been intended for that use. The planning document for the proposed PVC business refers to sourcing suitable thermal, coking, or petcoke from Australia, Russia and other countries. The PVC facility will require a blend of coals of different specifications which are outside the Carmichael mine production plan.”

 

Adani, which has rebranded in Australia to Bravus Mining and Resources, has begun construction on its Carmichael thermal coalmine in Queensland’s Galilee basin. The divisive mine has been one of the most controversial resources projects in Australian history.

 

source：SteelGuru Business News