Two Korean Banks Cut Off Further Financing For Adani Coal Project In Queensland
A second major Korean backer of Adanis Australian coal operation has said it wont provide any more financial support for the controversial miner, which faces potential debt difficulties related to its Abbot Point export terminal.
Guardian Australia has seen a letter from Korean brokerage firm Hanwha Securities sent to the climate group Tipping Point on 30 July which stated the firm would cease financing Adanis coal projects.
Last month, the ratings agency S&P Global downgraded its outlook on Adanis Abbot Point terminal to stable after the companys efforts to refinance debts were hindered by the coronavirus pandemic. The terminals Indian parent company, Adani Enterprises, urgently injected $100m needed to meet repayments due in May.
Adani Abbot Point has also drawn down on about $170m of shareholder loans to pay off debt owed to Commbank and Westpac that was due to mature in November. Adani plans to export coal from its under-construction Carmichael mine from Abbot Point, which has total debts of about $1.5bn. Those debts include about $1.1bn due for repayment by December 2022, according to S&P Global.
EDIT
https://www.theguardian.com/business/2020/aug/03/adani-second-major-korean-brokerage-withdraws-financial-backing-for-miners-coal-projects