The National Australia Bank (NAB) is reportedly not interested to fund the India-based Adani's $16bn Carmichael coal mine in Galilee Basin, Queensland.

NAB was quoted by the Australian Financial Review as saying that there are no plans to be involved in any financing of the controversial project.

Adani Mining’s spokesman was quoted by the news publication as saying that the firm had not approached NAB for funding.

The Indian company has also lost a key customer for the Queensland coal, as the agreement with Korean electronics giant LG has lapsed in July, reported the publication.

Claimed to be the largest coal mine in Australia, the Carmichael coal mine is expected produce 60 million tonnes of coal per year.
The mine is expected to have an operating life of around 90 years.

In August this year, an Australian court reversed the government’s approval for Carmichael coal mine.

The court ruled that the environment minister Greg Hunt overlooked the threat the mining project would pose to vulnerable animal species in the region.

Last month, UK bank Standard Chartered has announced that it will no longer advise Adani in its proposed Carmichael coal mine.

The bank said it will end its contract with the Indian company and will not help finance the project.

Previously, Commonwealth Bank of Australia ended its role as financial adviser for the controversial project.