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WoodMac comments on environmental approval for Carmichael coal project

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Dry Bulk,

Following Adani's announcement on receiving environmental approval for the Carmichael coal project, Wood Mackenzie’s Principal Analyst Viktor Tanevski has made the following comments:

"Queensland’s thermal coal exports could be set to grow stronger than forecast following the receipt of a final state government approval, which allows for the commencement of construction.

"We remain cautious on the timeframe for delivery of first coal onto a vessel given the sizeable task of building out both a new large-scale mine and greenfield rail connection. We anticipate at least a 12 month delay to Adani’s target of first coal exports, approximately two years from the commencement of construction, predominantly associated with delays in the construction of rail.

"The initial 10 million tpy phase of the project would be destined for India, which could exert downward pressure on high ash thermal coal prices, as well and compete against other high ash coals from Australia and South Africa presently flowing into India."

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