Also this from the Business Standard in India. Note that Gujarat NRE the parent of GUJ was up arond 4.5% in India on this news.......
Gujarat NRE Coke to buy mines in Australia
BS Reporter / Mumbai May 17, 2007
Gujarat NRE Coke has entered into an agreement with Illawarra Coal Holdings (Illawarra Coal), a subsidiary of BHP Billiton Ltd, for acquiring Elouera Colliery in NSW, Australia through its Australian subsidiary Gujarat NRE FCGL.
The deal is pegged at A$50 or Rs 168 crore and includes mines and landholdings.
This is the third coking coal mine to be acquired by Gujarat NRE. The earlier two were NRE No. 1 Colliery and NRE Avondale Colliery.
The current mine was selected because of its proximity to Gujarat NRE’s existing properties. This mine had been closed by BHP as it did not have a long mine life left. However, for Gujarat NRE, the existing infrastructure and its proximity to the company’s other properties would ensure immediate production that could begin by this financial year itself, reports quoted Arun Kumar Jagatramka, managing director of Gujarat NRE.
With this acquisition the company’s short term production of coal is expected to be boosted from one million metric tonne per annum to around 2 million MTPA. In the first year of production, Gujarat NRE expects to extract one million tonne from the newly-acquired mine and subsequently ramp up production to between 2-2.5 million tonne over the next three to four years. Gujarat NRE expects such production from the mine for the next 30 to 35 years.
Jagatramka said that as mining leases in Australia were granted for 21 year periods, depending on the expiry of the existing lease on the Elouera Mine, Gujarat NRE would renew the lease for another 21 years.
- Forums
- ASX - By Stock
- GUJ
- indian miner stokes up on coal holding
GUJ
gujarat nre resources nl
indian miner stokes up on coal holding, page-2
Featured News
Add to My Watchlist
What is My Watchlist?
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
Currently unlisted public company.
The Watchlist
P.HOTC
HotCopper
Frazer Bourchier, Director, President and CEO
Frazer Bourchier
Director, President and CEO
SPONSORED BY The Market Online