MELBOURNE: India's Adani said on Monday it had canceled plans with Downer EDI Ltd to help develop and run its Carmichael coal mine in Australia after failing to secure a cheap government loan for the A$16.5 billion ($13 billion) project.
The move marks the latest blow to the long-delayed Carmichael mine, which has yet to line up financing as a growing list of Australian and international banks, including three Chinese state lenders, have said they would not back the project.
The companies never got to the stage of signing actual contracts, and Downer never included the A$2 billion in its pipeline of "work in hand". However its shares fell 1.6 per cent in early trade on Monday in a broader market that was up 0.4 per cent.
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