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Adani royalty purchase highlights Galilee risks

Adani royalty purchase highlights Galilee risks

Report summary

In August, Adani Group entered into an option agreement with Linc Energy to buy back a private royalty associated with its Carmichael project in Australia's Galilee Basin. The purchase clearly demonstrates Adani's commitment to developing the project, and it appears to have secured the royalty stream at a sizeable discount to our base case valuation. But the degree of uncertainty facing Galilee Basin coal developments suggests Linc have secured a good price.

What's included?

This report includes 2 file(s)

  • Adani royalty purchase highlights Galilee risks PDF - 270.03 KB 5 Pages, 0 Tables, 4 Figures
  • Adani royalty purchase insight data.xls XLS - 137.50 KB


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  • Executive summary
  • Background to the royalty deal
  • Assessing the risk
  • Adani's perspective

In this report there are 4 tables or charts, including:

  • Executive summary
  • Background to the royalty deal
    • Production and royalty earnings assumptions
  • Assessing the risk
    • Risks to royalty value
    • The impact of discount rate on royalty value
  • Adani's perspective
    • Implied probability of project development
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