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Adani and Standard Chartered cut ties

Gautam Adani, Chairman of the Adani Group. Image: Gallilee Basin website

Indian mining giant Adani and the British Standard Charting bank have gone their separate ways after the Federal Court overturned the environmental approval for Adani’s controversial $16b Carmichael coal mine project in central Queensland.

The split comes just days after Commonwealth Bank cut their ties as financial adviser in a “mutual decision”.

The bank, with a short two-sentence statement, confirmed that “our advisory role has concluded”.

The split between the bank and Adani has also been reported as mutual.

“As a result of this ongoing review by Standard Chartered and the delays experienced by Adani in receipt of its project approvals, both parties have agreed to end the bank’s role in the Carmichael project,” said a statement by Standard Chartered.

The controversial $16b coal mine project’s development was put on hold due to a passionate fight from environmental groups and organisations concerned about two vulnerable species, the Yakka skink and the Ornamental snake.

Image: Gallilee Basin website

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