This report examines the Adani coal mining operations in Queensland through the lens of stakeholder theory. It begins with an overview of stakeholder theory and then identifies and analyzes the interests of various stakeholder groups, including the indigenous community, investors, customers, and suppliers. The report details the impacts of Adani's operations on these groups, encompassing economic, environmental, and social dimensions. It emphasizes the importance of ethical considerations and the need for effective stakeholder management. The analysis also explores how the interests of the indigenous community can be ethically managed. Furthermore, the report applies stakeholder theory to explain how the interests of the stakeholder groups have been and will be managed in the future, discussing the application of managerial branches of the theory. The report concludes by emphasizing the importance of stakeholder engagement and ethical business practices in the context of the Adani coal mining project.