India's Adani Enterprises has given the final investment approval for a controversial multibillion dollar coal mine in Australia.
Shares in the India-listed firm jumped more than nine per cent after it approved plans to build what would be Australia's biggest coal mine.
Chairman Gautam Adani said the project is one of the largest single infrastructure and job-creating developments in Australia's recent history. The company, which still needs to line up funding, said pre-construction works are set to begin in the next few months.
The Carmichael coal, rail and port project, located in Queensland, is set to cost as much as AU$16.5bn (£9.5bn) and create 10,000 direct and indirect jobs, but the plans have been critiqued by environment groups who say it will contribute to global warming and harm the Great Barrier Reef.
"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," Adani said.
"We are still facing activists. But we are committed to this project."