Forget CALTEX .. could this be the impetus ? (note the LAST paragraph from AGE article below)
DREW CRATCHLEY September 3, 2009 - 6:54PM
India's largest coal miner says it has received a stronger than expected response from Australian thermal coal producers as it seeks to invest about $1.5 billion in overseas mines.
Government controlled Coal India Ltd is seeking strategic partnerships with miners in Australia, Indonesia, South Africa and the US as it seeks to overcome a fuel shortage in India.
Coal India chairman Partha S Bhattacharya and India's Minister of State for Coal Sriprakash Jaiswal have this week visited open cut mining operations in the NSW Hunter Valley and an underground mine in Emerald, Queensland.
"We can say that the response has been possibly better than what we could have expected," Mr Bhattacharya told journalists on Thursday. "We have a lot of money, and we need to see that that money gets invested in physical assets with the country running short of energy." Mr Bhattacharya said Coal India has between $1 billion and $1.5 billion at its disposal, and more if an attractive deal materialises. "We can spend more, it is a question of viability and the risk has to be within the tolerance levels," he said. The company declined to name companies that have expressed interest in their offer. Coal India is also non-committal on the form its investment could take, with Mr Bhattacharya listing equity stakes, joint ventures and takeovers as options being discussed. "We do not mind investing if the proposal is A, financially viable for us, and B, it needs to increase the availability of coal into the country," he said. India's GDP growth could be held back if the shortfall in energy production cannot be met soon, Mr Bhattacharya said.
The Indian delegation will meet with federal resources and energy minister Martin Ferguson in Melbourne tomorrow to discuss clean coal technology.
