Adani Enterprises to buy $1 bn coal mine from Linc Energy

Gautam Adani’s Adani Enterprises is close to acquiring a coal mine for $1 billion in Queensland, Australia from Linc Energy, two independent sources close to the development said. The coal block is expected to have reserves of 7-8 billion tones.

The acquisition is under Adani Enterprises’ subsidiary, Singapore based Adani Global. Out of the $1 bn, Adani is expected to give the first tranche of $435 mn in the next few days. The rest of the payment will be made over the next few months.

Sources said, Adani Enterprises will invest in the project and aims to produce over 50 million tones of coal in the next 3-4 years.

Sources said the final announcement of the deal is expected by the middle of the next month. Adani Enterprises declined to comment on the development.