Adani Mining Pty Ltd bought the coal tenement which later became the Carmichael mine from the now defunct Linc Energy. As part of the sale, Linc Energy was able retain a royalty deed valued at $3 billion.
Linc sold the same deed to Carmichael Rail Network Pty Ltd in 2014. Atulya Resources Limited, a secretive entity registered in the Cayman Islands, and controlled by the Adani family appears to have lent the money to buy the deed via Adani Mining Pty Ltd.
Estimated royalties Carmichael Rail Network Pty Ltd will receive during the operational life of the mine. Since Carmichael Rail Network Pty Ltd is owned by Adani Mining Pty Ltd which in turn is owned by Atulya Resources Limited, the royalty proceeds will most likely end up in the Cayman Islands rather than the shareholders of the Adani Group.