Australia’s biggest proposed coal project loses 4m tonne deal with one of its two big customers as the country’s fourth-largest bank publicly distances itself.
National Australia Bank (NAB) has joined the list of banks who’ve ruled out funding for Adani Group’s $12 billion mining project in the Carmichael mining project in Queensland.
On Wednesday, The Sydney Morning Herald reported that NAB was not involved and has no plans to be involved in any financing of the Carmichael coal mine, citing the bank’s spokesperson.
NAB, Australia’s fourth largest bank, had “no plans to be involved in any financing” of the controversial project, the Australian Financial Review reported. Sources said the bank would not buy in even if approached by Adani, the report said.