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Profits of Adani’s Carmichael mine company tumble, leaving it in financial peril

Owner of Carmichael project can’t walk away from mine without descending further into distress, says..

By admin , in Money , at November 14, 2017

Owner of Carmichael project can’t walk away from mine without descending further into distress, says energy expert

Profits of Adani Enterprises – the company in Adani Group’s complex structure that owns the proposed Carmichael coalmine – have collapsed almost 50% year-on-year, according to a half-yearly report released this week which does not mention the mine.

The results further show the company is in financial distress, according to Tim Buckley from the Institute of Energy Economics and Financial Analysis, who says they also reveal the company can’t walk away from the unviable Carmichael project without descending further into financial distress.

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