The Queensland government has signed a deferred royalties deal with Adani for its $2 billion Carmichael coal mine.
Treasurer Cameron Dick sealed the deal with the Indian-owned firm on Thursday, guaranteeing state revenue amid an opposition election promise to freeze mining royalties for a decade.
"I can assure you that Adani will pay the dollars in royalties they have to pay to the people of Queensland and the taxpayers of Queensland with interest," Mr Dick said.
"So that's absolutely locked in now and something we've completed as a government."
The deferred payment agreement is similar to one struck with New Century Resources for their $150 million project near the Bourketown and the Northern Territory border.
Royalties Deferral and Repayment Agreements allow miners to delay royalty payments to free up cashflow at the beginning of their projects if they meet the obligation later with interest.
A deferred royalties deal with Adani was rejected by members of the previous Labor cabinet ahead of the 2017 state election.
"I can assure Queenslanders every dollar that is owed to Queensland taxpayers will be paid and it will be paid with interest," Mr Dick said on Thursday.
The opposition Liberal National Party has promised to freeze mining royalties for a decade if elected on October 31.
The deal is the latest development in a decade-long political and legal battle over the controversial Carmichael project, which has been under construction since July.
Environmental activists and indigenous groups have been fighting against the process and numerous legal proceedings have been lodged against it.
The most recent, brought by activist Ben Pennings in his campaign against the company, was won by Adani.
Brisbane Supreme Court ordered Mr Pennings to remove social media posts encouraging company employees disclose information to him about the project and to stop using confidential information.
The company is building its 10 million tonne-a-year capacity thermal coal mine in the Galilee Basin, which could be expanded to six times that size.
Adani is also building a rail line that will be opened to other companies if it gets the tick of approval to mine the coal-rich region.
