The loan is one of the largest by an Indian bank for overseas projects and “a milestone for our mine” despite a weak market, said Adani; the Queensland government owns short-term, minority stakes in rail and port development to access the massive reserves in the untapped Galilee Basin.

Australian regional and national officials are eager to see the mine built after two years in which 4,000 coal jobs were lost, according to analysts. Coal from the region must travel 250 miles by rail to the east coast for export.