Ann: Presentation to the Noosa Mining Conference, page-54

From 'The Australian' on Tuesday 9 August 2022:

"One of the world’s biggest steelmakers will tell the Queensland government a failure to develop new coking coal supplies will inevitably lead Indian producers to buy cheaper supplies from Russia despite sanctions on Moscow.

Tata Steel, which has vowed to stop trading with Russia, will use a meeting with the Palaszczuk government to say the state could double its coking coal exports to India over the next decade to meet surging demand for steel.

However, a failure to bring on new volumes of coal will inevitably result in other Indian steelmakers opting to buy cheaper Russian volumes, meaning Australia misses out on an extra $4bn in annual export revenues from one of its largest trading partners.

“The alternative to Australian coal is Russian coal. I know currently Russia is geopolitically not the best place to buy coal from, but going forward that is an option that Indian companies have,” Tata Steel chief executive TV Narendran told The Australian.

“Tomorrow I have meetings with the Queensland government to look at what we can do together with the mining industry in Australia and the steel industry in India to build a deeper relationship and to increase trade. It‘s about how does the government and industry work together to expand,” said Mr Narendran..."