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Adani Enterprises Up 6 Percent After Company Wins Mining Leases in Australia

Adani\'s USD 21.7 billion coal mine project in Australia yesterday won three mining leases.

Published: 04th April 2016 06:21 PM  |   Last Updated: 04th April 2016 06:22 PM   |  A+A-

Gautam Adani-reuters

MUMBAi: Shares of Adani Enterprises surged nearly 6 per cent today after the company's USD 21.7 billion coal mine project in Australia won three mining leases.

Trimming early gains, the stock closed at Rs 80.45 on BSE, up 5.86 per cent over its previous close. Intra-day, it gained as much as 7.82 per cent to trade at Rs 81.95.

On NSE, shares of the firm went up 5.85 per cent to settle at Rs 80.55. Intra-day, the shares soared by 7.55 per cent and were trading at 81.85.

Total 70,13,011 shares changed hands on NSE.

Adani's USD 21.7 billion 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 approvals 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.

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

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