Environmental activists voice their opposition to Indian miner Adani's proposed Carmichael coal mine. Picture: AAP

After almost seven years of legal battles and delays, Adani’s chairman announced in a statement Tuesday he had signed off on the project.

“I am proud to announce the project has Final Investment Decision (FID) approval which marks the official start of one of the largest single infrastructure — and job-creating — developments in Australia’s recent history,” Gautam Adani said.

Pre-construction work on the project is expected to begin in the September quarter.

However, the Federal Government will still need to pass changes to the Native Title Act, and to make a decision on whether to provide a $1 billion concessional loan to the project.

It’s also unclear whether Adani has secured finance to build the mine.

Queensland Greens Senator Larissa Waters said the announcement was a “PR stunt to squeeze a $1 billion handout from Australian taxpayers”.

Adani is still waiting for a decision from the Northern Australia Infrastructure Facility on whether it will be granted a $1 billion concessional loan funded by taxpayers. The loan would help pay for a new 189 kilometre rail line to link the mine to the coal terminal at Abbot Point.

“This so-called final investment decision is meaningless, Adani is still broke, and 19 banks have refused to fund their deadly mega-coal mine,” Ms Waters said.

“Today’s announcement does not mean the mine will go ahead, it’s a grab for a $1 billion handout of public funds from the Northern Australia Infrastructure Facility.

“This is desperate PR stunt from a desperate company trying to squeeze even more freebies from their mates in Labor and the Liberal Nationals.”

The fight over the Adani mine has been described as “the environmental issue of our time” by former Greens leader Bob Brown, amid concerns the mine will contribute to climate change and hurt the Great Barrier Reef.

But Mr Adani hit out at environmental activists who have long challenged the project.

“We have been challenged by activists in the courts, in inner city streets, and even outside banks that have not even been approached to finance the project,” he said.

“We are still facing activists. But we are committed to this project.”

The company says the project will create 10,000 direct and indirect jobs, though opponents have challenged that claim.

CONCERNS OVER MEGA MINE

If it goes ahead, the $21.7 billion Carmichael mine near Rockhampton will be one of the biggest in the world.

It will include six open-cut pits and five underground mines across an area five times the size of Sydney Harbour. Coal mined at the site will be sent to India via the waterfront coal terminal at Abbot Point.

The giant mine will generate so much extra coal, the terminal south of Townsville will need to be expanded to accommodate it.

But there are concerns the extra coal exports may damage the Great Barrier Reef as the terminal is located on the coastline of the heritage area. Emissions from the burning of the coal will also contribute to climate change, which is the biggest threat to the reef.

“The last thing the Great Barrier Reef needs is another coal mine doomed to fail,” WWF Australia CEO Dermot O’Gorman said.

In the last two years, 0.7 degrees of global warming has already caused unprecedented back-to-back bleaching on the reef, with fears as much as 50 per cent of the reef may have died.

Mr O’Gorman said regional Queensland communities needed support that would help them transition to new jobs, not a new coal mine.

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Coal from the Carmichael mine will be shipped to India through the Abbot Point coal terminal.Source:Supplied

Queensland Premier Annastacia Palaszczuk said the decision to push ahead with the mine was “a vote of confidence in the Queensland economy.”

“There will be jobs right across the state, this project will deliver those jobs,” she said.

Central Queensland has been heavily hit by job losses in the mining downturn of recent years and so the project is considered a boon for jobs in the area, particularly Townsville, where major employer Queensland Nickel collapsed last year, taking 800 jobs with it.

Last month the Queensland Government agreed on a revised royalties holiday agreement for Adani’s project, which will see it pay at least $5 million a year for the first five years of production.

Mr Adani said the agreement between India and Australia was historic for both countries.

“This is a historic day for Adani, a historic day for regional Queensland, and a historic day for Indian investment in Australia,” he said.

“This is the largest single investment by an Indian corporation in Australia, and I believe others will follow with investments and trade deals.”

HOW IT GOING TO PAY FOR MINE?

However, Adani is yet to confirm whether it has secured finance for the mine.

Environmental finance group Market Forces said Adani has a net debt estimated at $2.5 billion and needs to raise $5 billion to finance the project.

The group said so far 23 banks have distanced themselves publicly from Galilee Basin coal export projects, or introduced policies that prohibit financing Adani’s mine.

Last month, Westpac ruled out funding the proposal, joining two of the other big four banks.

Only the Commonwealth Bank is yet to publicly resolve to steer clear.

Adani Group chairman Gautam Adani meets with Queensland premier Annastacia Palaszczuk at the Port of Townsville last year. Picture: Cameron Laird/AAPSource:AAP

Adani has said the mine will help lift millions of poverty in India by providing them with cheap electricity but Oxfam Australia Chief Executive Dr Helen Szoke disagreed.

“Make no mistake, Adani’s proposed mine is a disaster for the world’s poor,” she said.

“More coal will drive more people into poverty through the devastating consequences of climate change and the direct toll of coal burning on local communities.

“More coal will not help bring electricity to those in India and worldwide who currently live without it.

“Renewables are the clear answer to increasing energy access, raising incomes and employment, tackling inequality and driving inclusive social and economic development.”

TIMELINE OF DECISION:

After almost seven years, numerous legal challenges and extensive debate, Adani has announced they will build Australia’s largest coal mine in the Galilee Basin.

November 2010: Adani Mining Pty Ltd begins approval process to establish two new mines and a rail line in the Galilee Basin in north Queensland. Premier Anna Bligh declares it a “significant project” which could generate more than 11,000 jobs.

May 2014: Queensland’s coordinator-general approves the $16.5 billion mine and rail project subject to 190 conditions. Final approval rests with federal Environment Minister Greg Hunt.

July 2014: Mr Hunt approves Adani’s proposal.

August 2015: Federal Court rules in favour of a legal challenge by Mackay Conservation Group which says Mr Hunt failed to take into account advice on the threatened yakka skink and ornamental snake.

October 2015: The federal government re-approves Carmichael coal mine subject to “36 of the strictest conditions in Australian history”.

April 2016: Queensland government approves mining leases for Adani.

December 2016: Queensland and federal governments give final approvals to a rail project associated with the mine and Adani announces construction will begin in June or July of 2017.

May 2017: A factional war breaks out within the Queensland Labor government over a “royalties holiday” deal for Adani. In response, state cabinet agrees the mining giant will pay all royalties it owes, including interest on any deferred payment.

June 6, 2017: Chairman Gautam Adani announces he has signed off on the project with pre- construction work expected to begin in the September quarter.