and the news - tell me when coal actually sees daylight please and then when they get paid - will they have a decent margin? still lots of questions on the numbers.
Gujarat on track to start longwall project after govt approval 28 Mar, 2012 09:55 AM Gujarat NRE Coking Coal has secured the approval needed to begin longwall mining at Russell Vale, the company announced this morning. In a release to the stock exchange, the company said a crucial Subsidence Management Plan (SMP) had been approved, potentially allowing $90 million of new longwall equipment to begin operating.
Approval conditions require the company to submit further information before actual longwall mining can commence.
Gujarat's SMP application had been under consideration since September last year, and the company had expected approval as far back as January.
That deadline was pushed back to March as the Department of Primary Industries assessed the SMP.
Executive chairman Arun Jagatramka said the approval vindicated his belief longwall mining would begin at Russell Vale by the end of this month.
‘‘[The approval] not only ensures the future growth of the company on a higher trajectory but also secures the permanent employment of more than 600 employees working for the company in [the] Illawarra,’’ he said.
GNM Price at posting:
14.5¢ Sentiment: None Disclosure: Held
