Adani Enterprises surges 8% after co wins mining leases in Australia

 Shares of Adani Enterprises today surged nearly 8 percent after the company's USD 21.7 billion coal mine project in Australia won three mining leases.

PTI| Updated: Apr 04, 2016, 11:14 AM IST
Adani Enterprises surges 8% after co wins mining leases in Australia

Mumbai: Shares of Adani Enterprises today surged nearly 8 percent after the company's USD 21.7 billion coal mine project in Australia won three mining leases.

In early trade, shares of the company went up by 7.82 percent to Rs 81.95 on BSE.

On NSE, the shares were trading at Rs 81.85, up 7.55 percent.

Adani's 21.7 billion dollars coal mine project in Australia yesterday won three mining leases but the Indian mining giant said a final decision on investment will be taken only after the resolution of "politically-motivated" legal challenges against its plans to build one of the world's largest coal mines.

Queensland minister for Natural Resources and Mines Anthony Lynham approved the individual lease grant?for 70441?Carmichael,?70505 Carmichael East?and 70506?Carmichael North,?which are estimated to contain 11 billion tonnes of thermal coal.

According to state Premier Annastacia Palaszczuk, the approval had undergone "extensive government and community scrutiny" and were a step towards securing jobs for region, with more than 5,000 jobs expected to be generated during construction and more than 4,000 during operation.

Welcoming the approvals, Adani said: "The granting of a mining lease helps deliver the company certainty with respect to timelines, while moving to the next phase of the project, subject to the resolution of legal challenges by politically-motivated activists."

Adani Group founder and Chairman Gautam Adani said, "Today is an important milestone in our company's plan to build a long term future with Queensland, and Australia."