Rinehart, Asia Pacific’s richest individual, and Indian billionaire G.V. Krishna Reddy’s GVK Group are developing an A$10 billion mine, rail and port project in the landlocked Galilee Basin in northern Queensland state. Adani Enterprises Ltd., India’s largest coal importer, has a competing A$6.8 billion plan to build Australia’s largest coal mine in the same area.
The proposed Galilee railroad could allow Australia to more than double exports as China and India compete for supplies. As Coal Age reported last month, Palmer’s China First Pty has threatened an A$8 billion lawsuit against a fourth rail proponent, QR National Ltd., the nation’s largest coal train operator.