Last year, Indian conglomerate Adani Group announced its plans to develop the world's largest coal deposit. Located in Australia, the $10 billion Carmichael mine in the Galilee Basin holds 10 billion tonnes of the black rock.<br /> <br /> But these lofty plans were dealt a blow on Monday as an investigation commissioned by Greenpeace found the project to be "uncommercial for investors," calling it a "weak partner for this expensive coal, rail and mine project."<br /> <br /> "The project's economics don't stack up," authors from the Institute for Energy Economics and Financial Analysis wrote.<br /> <br /> According to the study, both short and long-term coal prices don't support the mine's cost structure. Authors Tim Buckley and Tom Sanzillo also found that the Adani Group is "financially and operationally constrained and faces a series of logistical barriers in Australia."<br /> Labelling the project "low quality, high cost," Buckely and Sanzillo estimate an erengy-adjusted cash cost of production of $84 per tonne, inclusive of royalties.<br /> <br /> They also slam the company's ambitions to supply thermal coal to India, one of the world's largest coal consumers.<br /> <br /> "India's power market is fatally flawed," the report reads. "It cannot absorb the high price of coal from the Carmichael project."<br /> <br /> But the bashing doesn't end with the Australian mine. The report goes on to criticize Adani Power itself, calling the company "financially weak and operationally underperforming."<br /> <br /> Adani Power's share price is down 46% year to date and 74% over the past three years. The company also doesn't have much experience in the coal mining sector, having had its first experience with a mine in Indonesia in 2010.<br /> <br /> "Adani Enterprises is now proposing to build the biggest coal mine complex in Australian history," Buckley and Sanzillo write.<br /> <br /> <p> The Indian conglomerate responded with a statement, saying it had "complete confidence" in its project, and that the "motivation at the heart of these reports is short-sighted" and "vested in interests that ignore the long-term fundamentals that underpin Adani's projects." </p> <p style="text-align:center;"> <img src="/upfiles/news/image/20131127/20131127161824_1152.jpg" alt="" /> </p>