Adani declined to answer questions about how it accounted for the write-downs in 2018, but told the: “We are confident that all our business dealings are proper and fully compliant with the legal requirements of each jurisdiction in which we operate.”has created a pit to port model of exporting up to 10 million tonnes of coal annually from Queensland’s Carmichael mine. The coal is transported to a deepwater port near the Whitsundays by rail.
Those 2018 accounts said the remaining value was based on assessing the “recoverable amount of the Carmichael project [cash generating unit], which includes mine, rail and [terminal] expansion projects”. That $43.7 million impairment related to a port expansion project, which still has not yet proceeded, and did not relate to the Australian Adani Mining subsidiary, the sources argued.
Putting lipstick on a pig?