India's Adani To Buy Australian Coal Mine For $2.7B

Law360, New York (August 3, 2010, 1:56 PM EDT) -- A unit of India's Adani Enterprises Ltd. announced Tuesday that it had agreed to purchase a coal mine owned by Australia's Linc Energy for AU$3 billion ($2.7 billion) in an effort to broaden its energy output.

Adani Mining Pty. Ltd. will pay AU$500 million in cash and AU$2 per ton in royalties for the first 20 years of production at the mine, located in the northwest Galilee Basin of Queensland, Australia.

The transaction is the largest investment by an Indian company into Australia, Linc said, and...
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