Premier Annastacia Palaszczuk and Adani's Jeyakumar Janakaraj. Photo Chris Lees / Daily Mercury
Premier Annastacia Palaszczuk and Adani's Jeyakumar Janakaraj. Photo Chris Lees / Daily Mercury Chris Lees

Adani set to announce first $5b stage of megamine

ADANI will open its office in Townsville today amid speculation its board is poised to announce the go-ahead of the $US5 billion first stage of its megamine, subject to finance.

The company was expected to announce a major deal to the Indian stock exchange overnight but was refusing to comment. It is believed finalisation meetings were held in India on Monday.

Queensland Premier Annastacia Palaszczuk will be in Townsville for the opening today, after narrowly winning Cabinet support for her royalty plan for Adani. Federal Resources Minister Matt Canavan also will be in town.

The decision will not only allow the company to start raising about $US2.5 billion but will also unleash millions of dollars for early development, which is likely to create thousands of jobs.

A Government spokesman said Ms Palaszczuk was expecting "a major advance" to be announced today.

The expected announcement comes amid plummeting support in the north for the ALP.

Next Tuesday's Budget is also expected to be heavy on commitment for north Queensland.

News Corp Australia

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