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Please use a supported version for the best MSN experience. Australia does not rule out government loan for Adani mine project Reuters 4 hrs ago Harry Pearl AAP Image/Sam Mooy Nationals Senator Matt Canavan speaks to media at the Senate entrance, at Parliament House, in Canberra, Australia, go to my blog Monday, Mar. 20, 2017. Australian resources minister Matt Canavan on Sunday did not rule out providing a A$1-billion ($748-million) government loan to India's Adani Enterprises (ADEL.NS) for its Carmichael coal project, saying it would help create thousands of jobs. Adani have submitted an application to the Australian government's Northern Australia Infrastructure Fund for a cheap loan to help fund a rail line into the untapped Galilee Basin, where the Carmichael project is located. The project would help create 16,000 jobs, said Canavan, who is also the minister for northern Australia. "This is about opening up a massive coal basin for Australia," he told Sky News. "Without a rail line your coal is stranded in the ground." The Australian unit of Adani could not immediately be reached for comment outside business hours. Environmentalists have lobbied banks not to provide loans and a number, including Germany's Deutsche Bank and Commonwealth Bank of Australia (CBA.AX), have stated they will not participate in the project. One of Australia's largest banks, Westpac (WBC.AX), published a new climate policy on Friday, which effectively rules out funding for the Adani project.

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