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Thursday, 18 June 09
INDIA'S HINDALCO CLOSE TO BUYING AUSTRALIA COAL MINE


India's largest aluminium maker Hindalco Industries is close to acquiring a coal mine in Australia, for about $70-$80 million, The Economic Times reported on Thursday.

The company, which is a part of the Aditya Birla Group, has shortlisted one mine in Queensland with reserves of around 120 million tonnes, the report said, citing unnamed sources close to the development.

The coal mined in Australia is likely to be shipped to India for use in Hindalco's smelting operations, the report added.

Aditya Birla Group could not be immediately reached for a comment by Reuters.

Source: Reuters (http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSBOM37956520090618)  



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