Business Daily from THE HINDU group of publications
Tuesday, Dec 25, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Dec 25, 2007 ePaper | Mobile/PDA Version |
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Corporate
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Overseas Investments Gujarat NRE acquires Australian mine from Billiton Our Bureau Ahmedabad, Dec. 24 Gujarat NRE Coke has completed the acquisition of Elouera mine from BHP Billiton, a part of the Illawarra Coal Business located in New South Wales, Australia. The acquisition was made by Gujarat NRE Resources NL (Gujarat), the Australian subsidiary of Gujarat NRE Coke Group. Completion of the sale follows the transfer of coal lease and associated licences, including the mine, along with associated land holding and the responsibility for rehabilitation and closure of the mine. It will be re-christened NRE Wongawilli as a recognition of the mine’s historical value to the district, the company said here in a release. Port accessThe acquisition of the Elouera mine will accord the Gujarat NRE Group ready infrastructure, including mining equipment and railway access to port Kembla. The country’s largest producer of metallurgical coke is likely to commence mining from February 2008. In view of a global surge in demand for coal, the acquisition is expected to benefit the Group. Meanwhile, Gujarat NRE Coke, which had issued one per cent unsecured convertible bonds for $55 million on March 15, 2005, due in 2010, is contemplating exercising mandatory conversion option under Foreign Currency Convertible Bonds.
More Stories on : Overseas Investments | Mining & Quarrying | Coke & Metalurgical Coke | Coal
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