New Zealand hard-coking coal miner, Pike River Coal, sent its first shipment of coal to India on Friday, a 20,000 tonne consignment worth $3.4 million shipped to Indian customer Gujarat NRE Ltd, which owns a 7.6% stake in Pike. GNRE is one of two Indian customers contracted to 55% of Pike's coal over its mine life.
CEO Gordon Ward said "It's a milestone day for us after some pretty intensive efforts." Pike has spent $270 million getting to this stage, $50 million of which were unexpected costs, forcing the miner to twice go back to its backers for more funds.
"It's a milestone day for us after some pretty intensive efforts," Mr Ward said, "we're very appreciative investors have kept their eye on the prize.”
Showing posts with label Gujerat nre. Show all posts
Showing posts with label Gujerat nre. Show all posts
Friday, February 19, 2010
Tuesday, August 11, 2009
Gujarat NRE To Recommence Longwall Mining At Wongawilli
Longwall mining is set to recommence at the Wongawilli Mine near Wollongong in New South Wales, owned by Gujarat NRE Minerals.
The hard coking coal mine is in final stages of being recommissioned. Production is planned to increase from a modest 179,000 tonnes in 2008/09 to 1,500,000 tonnes per annum.
Demand has picked up again for Australian hard coking coal. Nowhere is this more apparent than demand in the Indian market.
Gujarat NRE Chairman Arun Kumar Jagatramka said new longwall equipment has been refurbished and re-installed at the new longwall face. The equipment last operated in March 2007.
The company bought the mine from BHP Billiton in 2007, resuming coal production and shipping first coal from the mine to Port Kembla in April 2008.
Gujarat also operates the NRE No. 1 coal mine in NSW. A total of 670,000 million tonnes of hard coking coal was produced in 2008/09.
Total production from both mines is targeted by Gujarat, at 2.5 million tonnes of hard coking coal over the next 12 months
Source: Proactive Investors
The hard coking coal mine is in final stages of being recommissioned. Production is planned to increase from a modest 179,000 tonnes in 2008/09 to 1,500,000 tonnes per annum.
Demand has picked up again for Australian hard coking coal. Nowhere is this more apparent than demand in the Indian market.
Gujarat NRE Chairman Arun Kumar Jagatramka said new longwall equipment has been refurbished and re-installed at the new longwall face. The equipment last operated in March 2007.
The company bought the mine from BHP Billiton in 2007, resuming coal production and shipping first coal from the mine to Port Kembla in April 2008.
Gujarat also operates the NRE No. 1 coal mine in NSW. A total of 670,000 million tonnes of hard coking coal was produced in 2008/09.
Total production from both mines is targeted by Gujarat, at 2.5 million tonnes of hard coking coal over the next 12 months
Source: Proactive Investors
Tuesday, July 28, 2009
India Eyes Australian Coke Assets
India is about to embark on a program of rapid coal sector acquisitions in Australia as it looks to plug a huge annual gap between supply and demand expected in the next three years.
State-owned Coal India, the world's biggest coal producer, has called for expressions of interest from potential coal mining partners by the end of August as it looks to fill unprecedented growth in local demand.
"The gap between coal demand on Coal India and envisaged domestic coal supply potential in 2011-12 is in excess of 200 million tonnes," Coal India said in the expression of interest document obtained by The Australian.
"The emerging business environment, therefore, necessitates immediate acquisition of coal resources abroad," the company said.
Australia and the US have been targeted for coking coal investment, with Indonesia and South Africa earmarked for thermal coal.
Under its 11th five-year development plan, India is aiming to provide all villages and houses below the poverty line with power and to boost economic growth to 10 per cent by 2011-12.
This is expected to push annual combined Indian demand for coking and thermal coal to more than 700 million tonnes a year.
Coal India produces about 420 million tonnes of coal a year and makes up the vast bulk of India's domestic coal production.
The expression of interest invitation says Coal India's short-term ambition is to buy equity stakes in operating mines and to tie up long-term offtake agreements to immediately start imports.
In the medium term, it is looking to take a larger stake in developing mines and new projects that would come into production in two or three years.
India's push for Australian coking coal assets comes as record Chinese demand is buoying the sector and traditional buyers are returning, though it is unclear how long this fresh demand will hold up.
India, which before China's recent surge was the second-biggest buyer of Australian coking coal after Japan, has little presence on the mining side here, which is dominated by global miners BHP Billiton, Rio Tinto, Xstrata, AngloAmerican and Peabody Energy.
ASX-listed Gujarat NRE Minerals, which is 82 per cent owned by Indian importer Gujarat NRE Coke, has two coking coal mines near Wollongong and hopes to boost production here from less than 1 million tonnes a year to 7 million tonnes a year.
Gujarat also has a hostile bid on the table for minnow Rey Resources, which has a large thermal coal resource in the Canning Basin in northern Western Australia that Rey wants to develop to feed Indian demand.
Some recent Indian estimates of the annual coal shortfall predict higher domestic production and see imports of only 50 million to 100 million tonnes a year.
However, Peabody president Rick Navarre last week said Indian officials had told him up to 200 million tonnes a year of imports would be needed over the next five years.
"Even if only half of this occurs, it is a tremendous demand increase for the seaborne markets," he said.
Source: The Australian
State-owned Coal India, the world's biggest coal producer, has called for expressions of interest from potential coal mining partners by the end of August as it looks to fill unprecedented growth in local demand.
"The gap between coal demand on Coal India and envisaged domestic coal supply potential in 2011-12 is in excess of 200 million tonnes," Coal India said in the expression of interest document obtained by The Australian.
"The emerging business environment, therefore, necessitates immediate acquisition of coal resources abroad," the company said.
Australia and the US have been targeted for coking coal investment, with Indonesia and South Africa earmarked for thermal coal.
Under its 11th five-year development plan, India is aiming to provide all villages and houses below the poverty line with power and to boost economic growth to 10 per cent by 2011-12.
This is expected to push annual combined Indian demand for coking and thermal coal to more than 700 million tonnes a year.
Coal India produces about 420 million tonnes of coal a year and makes up the vast bulk of India's domestic coal production.
The expression of interest invitation says Coal India's short-term ambition is to buy equity stakes in operating mines and to tie up long-term offtake agreements to immediately start imports.
In the medium term, it is looking to take a larger stake in developing mines and new projects that would come into production in two or three years.
India's push for Australian coking coal assets comes as record Chinese demand is buoying the sector and traditional buyers are returning, though it is unclear how long this fresh demand will hold up.
India, which before China's recent surge was the second-biggest buyer of Australian coking coal after Japan, has little presence on the mining side here, which is dominated by global miners BHP Billiton, Rio Tinto, Xstrata, AngloAmerican and Peabody Energy.
ASX-listed Gujarat NRE Minerals, which is 82 per cent owned by Indian importer Gujarat NRE Coke, has two coking coal mines near Wollongong and hopes to boost production here from less than 1 million tonnes a year to 7 million tonnes a year.
Gujarat also has a hostile bid on the table for minnow Rey Resources, which has a large thermal coal resource in the Canning Basin in northern Western Australia that Rey wants to develop to feed Indian demand.
Some recent Indian estimates of the annual coal shortfall predict higher domestic production and see imports of only 50 million to 100 million tonnes a year.
However, Peabody president Rick Navarre last week said Indian officials had told him up to 200 million tonnes a year of imports would be needed over the next five years.
"Even if only half of this occurs, it is a tremendous demand increase for the seaborne markets," he said.
Source: The Australian
Tuesday, July 21, 2009
Gujarat NRE Takes Profit Hit
Gujarat NRE Coke has taken a hit on its bottom line for the first quarter ended June 2009, with net profit touching Rs. 3.64 crore against Rs. 94.40 crore in the same period a year ago. Net sales during the quarter were Rs. 310 crore against Rs. 377.60 crore.
Company sources attributed the dip in profit to the dynamics in the steel industry which has in turn affected the coke industry. “Our results had been affected since the December quarter. However, we are now coming out of the downturn,” a company official told The Hindu. The company had posted a Rs. 103.20-crore loss in the previous quarter, a company release said, adding that the results showed that coke demand in India had been on the rise.
Though the current recession had its impact on the consumption of coke in the global market, the domestic scenario has been improving due to increased consumption levels, which augurs well for merchant-manufacturers of met coke in India.
As company Chairman and Managing Director Arun Kumar Jagatramka says, “Demand for coke has been buoyant in India in the first half of 2009. Shortages of coking coal are adding to the pressure in the market. We plan to increase our capacity further by setting two greenfield plants of one million tonnes each in Andhra Pradesh and Gujarat to take advantage of this ever yawning gap of demand and supply of coke in India.”
Source: The Hindu
Company sources attributed the dip in profit to the dynamics in the steel industry which has in turn affected the coke industry. “Our results had been affected since the December quarter. However, we are now coming out of the downturn,” a company official told The Hindu. The company had posted a Rs. 103.20-crore loss in the previous quarter, a company release said, adding that the results showed that coke demand in India had been on the rise.
Though the current recession had its impact on the consumption of coke in the global market, the domestic scenario has been improving due to increased consumption levels, which augurs well for merchant-manufacturers of met coke in India.
As company Chairman and Managing Director Arun Kumar Jagatramka says, “Demand for coke has been buoyant in India in the first half of 2009. Shortages of coking coal are adding to the pressure in the market. We plan to increase our capacity further by setting two greenfield plants of one million tonnes each in Andhra Pradesh and Gujarat to take advantage of this ever yawning gap of demand and supply of coke in India.”
Source: The Hindu
Friday, July 17, 2009
Gujarat NRE To Complete Bey Takeover By End Of Year
Gujarat NRE Coke, a leading coking coal producer, which has offered to buy 90 per cent equity in Australian coal exploration firm Rey Resources is looking to complete the hostile takeover by the end of this year.
The deal estimated to be at Rs 53.21 crore will add thermal coal to the portfolio of the Indian firm.
"We are looking to close the deal in next five months or so. This will add thermal coal to our portfolio apart from increasing the liquidity in our Australian company," Gujarat NRE Coke CMD Arun Kumar Jagatramka said in an interview.
Gujarat NRE Minerals, the subsidiary of the Indian firm, had made a bid to acquire Rey Resources last month, which the target company had termed as an "unsolicited" move and decided to oppose it.
The domestic producer of met coke — primarily consumed by steel firms, is looking to buy the assets of the firm in an off-market "all share no cash" deal, for which the bidders' statement would be circulated to the shareholders of Rey Resources by next month.
Gujarat NRE Minerals (GNM) already holds about 16.64 per cent stake in the Australian entity. It has offered one GNM share against every five shares of the target firm. The Indian firm is eyeing the rich coal reserves of the Australian firm.
Source: Business Standard
The deal estimated to be at Rs 53.21 crore will add thermal coal to the portfolio of the Indian firm.
"We are looking to close the deal in next five months or so. This will add thermal coal to our portfolio apart from increasing the liquidity in our Australian company," Gujarat NRE Coke CMD Arun Kumar Jagatramka said in an interview.
Gujarat NRE Minerals, the subsidiary of the Indian firm, had made a bid to acquire Rey Resources last month, which the target company had termed as an "unsolicited" move and decided to oppose it.
The domestic producer of met coke — primarily consumed by steel firms, is looking to buy the assets of the firm in an off-market "all share no cash" deal, for which the bidders' statement would be circulated to the shareholders of Rey Resources by next month.
Gujarat NRE Minerals (GNM) already holds about 16.64 per cent stake in the Australian entity. It has offered one GNM share against every five shares of the target firm. The Indian firm is eyeing the rich coal reserves of the Australian firm.
Source: Business Standard
Tuesday, January 13, 2009
Gujarat NRE To Invest Heavily
Gujarat NRE Coke Ltd, India’s largest independent coke producer, has announced that it is all set to invest around Rs 300 crores [Rs30 billion] in Gujarat over the next 4 to 5 years.
The metallurgical coke producer said that it will invest Rs 12 billion in a 200 megawatt (MW) wind power project and Rs 10 billion in a 200 MW thermal power plant. It would also invest Rs 5 billion on adding additional capacity at its coke and coal preparatory plants and Rs 3 billion on a 60 MW heat-based power plant.
Moreover, the company is also planning to set up a greenfield coke plant in the Nellore district of Andhra Pradesh with a capacity of one million tonnes. Currently, the company’s coke capacity of about 1 million tonnes will be expanded to 1.25 million tonnes by March 31.
Over the next few years, the company is also expected to emerge as one of the largest coking coal producers in Australia. the only Indian company with coking coal mines in that country.
Source: Topnews
The metallurgical coke producer said that it will invest Rs 12 billion in a 200 megawatt (MW) wind power project and Rs 10 billion in a 200 MW thermal power plant. It would also invest Rs 5 billion on adding additional capacity at its coke and coal preparatory plants and Rs 3 billion on a 60 MW heat-based power plant.
Moreover, the company is also planning to set up a greenfield coke plant in the Nellore district of Andhra Pradesh with a capacity of one million tonnes. Currently, the company’s coke capacity of about 1 million tonnes will be expanded to 1.25 million tonnes by March 31.
Over the next few years, the company is also expected to emerge as one of the largest coking coal producers in Australia. the only Indian company with coking coal mines in that country.
Source: Topnews
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