Adani, the Indian conglomerate which operates the vast Carmichael coal mine, is close to sealing a $332 million debt deal for its Queensland port in a litmus test of lenders’ appetite to work with fossil fuels.

Adani’s Abbot Point terminal business felt the brunt of a broad reluctance to lend to coal businesses between 2020 and 2023, when efforts to refinance the port’s regular debt maturities failed on multiple occasions.