Following years of legal and environmental disputes, construction of Adani's controversial coal mine in Queensland will begin next year.
The Indian mining giant has announced the project has all the funds it needs to move forward with its Carmichael mine.
Environmental campaigners have stymied Adani's efforts to get funding from the banks or from the federal government's infrastructure fund.
In a statement, Adani's chief executive Lucas Dow says the company can now deliver on its promises – ‘Today’s announcement removes any doubt as to the project stacking up financially. We will now deliver the jobs and business opportunities we have promised for North Queensland and Central Queensland, all without requiring a cent of taxpayer dollars. In addition, our Carmichael coal will also provide a power source to improve living standards.’
In the last month, Adani announced it was scaling back the output of the mine, from 60 million tonnes of coal a year to a more manageable 10 to 15 million tonnes a year.
It says production will eventually build up to 27 million tonnes annually.
In a statement one of the mine's biggest supporters, Queensland Nationals Senator Matt Canavan, says the mine will help the state prosper.
“Adani’s ability to re-scope and finance its Carmichael mine and rail project proves it is a viable, job-creating concern. Great (Queensland) communities … have prospered because of the mining sector. Queenslanders are looking forward to projects such as the Carmichael mine reinvigorating those towns and others once again.”
The announcement comes as Australia experiences some extreme weather this week - something which many attribute to climate change.
New South Wales has seen deadly floods and a 500 kilometre-long a dust storm, Victoria has experienced snow, while bushfires have raged through Queensland.
Queensland Greens senator Larissa Waters says there's a direct link between the fires and the burning of fossil fuels.
"The fire commissioner has said this is unprecedented, and the tragedy is, this is going to be our new normal as the climate continues to change. And that’s why it’s absolutely crucial that both the big political parties stop backing new coal mines. They are going to make life harder for every single Queenslander, for everyone in our country, and for everyone around the world."
Australian Youth Climate Coalition spokeswoman Kelly Albion has labelled Adani's announcement "sickening".
"Queensland is literally on fire at the moment, with thousands of fires across North Queensland. Going through sweltering heatwaves, there couldn't be a more sickening time to announce a new coal mine is going to be constructed."
Numerous regulatory hurdles remain in place before construction can officially begin, and Adani still needs to sign contracts and secure access to rail lines.
That story by Evan Young for SBS News, produced by Preetinder Singh Grewal for SBS Punjabi.
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