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Adani mine secures insurance cover

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Indian conglomerate Adani Group has secured insurance for its controversial Carmichael coal mine project in Queensland.

Having insurance in place is one of the vital pre-requisites for the project to receive regulatory and government approvals, according to the US-based Institute for Energy Economics and Financial Analysis.

But Adani declined to reveal the insurers backing the scheme in the Galilee Basin.

“Details on insurance providers for the Carmichael Project are commercial in confidence; however we have the requisite insurance requirements in place,” a company spokesman told insuranceNEWS.com.au.

Australia’s three major insurers IAG, Suncorp and QBE told insuranceNEWS.com.au they are not involved with the project.

Boston-based Liberty Mutual is also not underwriting the mine.

“In January, Liberty Mutual informed the appropriate parties that we will not be participating in the insurance program for the anticipated operational phase of the Carmichael mining project,” a spokesman told insuranceNEWS.com.au.

The Global Unfriend Coal campaign and its allies have led a petition urging insurers and other financial services institutions not to support the mine.

Enviroment campaigner Market Forces has criticised the Queensland Government’s decision to give the go ahead for the mine.

“This is the opposite of the sort of things we should be doing amid a climate crisis and so it’s very disappointing,” Market Forces’ Pablo Brait told insuranceNEWS.com.au.

“We will continue to encourage contractors and insurers to refuse to do business with Adani.”