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.
Adani and Downer said on Monday they had agreed to cancel all letters of award for mine services and related infrastructure, after the premier of the state of Queensland said she would veto a A$900 million loan from the federal government's Northern Australia Infrastructure Facility (NAIF) for the mine's rail line.