Reuters reported that India's Adani Enterprises aims to start building its first Australian coal mine in July 2013, at an expected cost of around $4 billion, so it can produce 23 million tonnes a year in its first year.

Australian chief Mr Harsh Mishra said that Adani expects to complete a bankable feasibility study for the Carmichael mine by the end of this year, and does not see lining up financing as too challenging in the current environment.

Mr Mishra told Reuters that "Expressions of interest we've got so far are predicated on the successful track record that Adani has demonstrated in India from banks that have traditionally supported us on our projects.”

Adani has been approached by pension funds and private equity investors interested in buying minority stakes in the Carmichael project, Mishra said, the company has not held detailed discussions with them.

Exports from the mine hinge on building a railway line, estimated at $6 billion according to the company's application to the government, although Adani Mining's web site puts the rail cost at USD 2 billion.

Adani and Australian rail operator QR National said on Monday they plan to work together to study building rail lines from Adani's Queensland coal project to two ports on the Pacific coast, including a new 500 km (311 miles) line. They expect to complete the study by March 2013.

Source - Reuters

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