Adani has consistently sold coal from its Queensland mine far below market rates, according to claims made in new analysis, potentially reducing the royalties owed to the state government by hundreds of millions of dollars.

The research director at the Australia Institute, Rod Campbell, calculated that Adani sold thermal coal from its Carmichael mine at an average of just over $A100 a tonne during the 2023 to 2025 financial years – its first three full years of operation.

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The period saw huge coal price spikes after Russia’s invasion of Ukraine, with Australian benchmark prices surging above $A600/t in late 2022, before moderating.

Even allowing for discounted prices for Adani’s lower-quality coal, Campbell said the difference between the “realised pric

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