Font Size: Decrease Increase Print Page: Print Kevin Andrusiak | September 10, 2007 NOT to be outdone by the Russians and the Chinese, representatives from India's third-biggest steel producer, Bhushan Steel, are to arrive in the country this week in a further strengthening of the booming Australian resources landscape.
The party, led by vice-chairman Anil Ahuja, is due to arrive today to meet Queensland coal miner Bowen Energy and scout for potential investment opportunities in what is fast becoming a crowded domestic landscape of international mining interests.
Bhushan, which is listed on the National Stock Exchange of India and valued at $1.3 billion, is not alone in needing to shore up long-term supplies of resources.
It is building two steel plants at a cost believed to be about $1.1 billion to feed the growing Indian demand for steel. This growth has seen India put alongside China in terms of long-term growth and a potential market for Australian miners.
The domestic resources industry had an unprecedented swag of multibillion-dollar deals signed last week as a result of the influx of high-profile business and political leaders here for APEC.
It firmed Australian-Chinese relations and the emerging status as our No1 export destination in terms of value.
Chief among them was a $45 billion deal between Woodside Petroleum and PetroChina for a 20-year supply of liquefied natural gas from the Woodside-managed Browse Basin project, 400km north of Broome.
Other big deals included Chinese steel maker Anshan Iron & Steel committing to partly fund Gindalbie Metals' $1.8 billion iron ore ventures in the West Australian Mid West, and PetroChina's $7.2 billion deal with Shell to buy 1 million tonnes a year of LNG for 20 years from the as yet undeveloped Gorgon project on Barrow Island.
Bhushan, which is primarily focused on steel production for the automotive and white-goods industries, has invested $3.2 million in junior coal and uranium explorer Bowen Energy in a deal that gives Bhushan the first right of refusal for developing Bowen's existing and future coal projects.
Bowen is locked in a takeover battle for fellow Queensland junior Rocklands Richfield, with an offer of 10c a share and one Bowen Energy share for two Rocklands shares.
Bowen's four coal projects are in the Queensland Bowen Basin and Rocklands has inferred resources of 384 million tonnes at its Hillalong and Rocklands tenements, also in the Bowen Basin.
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