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Tuesday, 26 January 10
AUSTRALIAN FIRM TO MINE COAL IN WEST BENGAL
India Resources Ltd (IRL), a mining firm listed on the Australian Stock Exchange, has decided to enter into contract mining of coal in
India.
The Australian firm has inked a letter of intent with Bankura Coal Co to mine coal in Raniganj, West Bengal, at a total investment of over Rs 100 crore. This is also perhaps the first instance of contract mining by a foreign company in the coal sector which is dominated by public sector major, Coal India Ltd.
Towards this, Perth-based IRL and Bankura Coal Co Ltd of West Bengal have formed an SPV to operate the underground coal mine in West Bengal for captive use.
Incidentally, India Resources has made a foray into India’s mining sector by taking up contract mining of copper for Hindustan Copper Ltd (HCL).
As part of it, IRL has been producing 300 tonnes of copper concentrates at Hindustan Copper’s Surda mines in Jharkhand.
Bankura Coal has six sponge iron companies under its wing and has been allotted a lucrative coal block in the heart of the state’s Raniganj coal belt.
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"Apart from contract mining, we would like to grow the exploration business"
Mr. Arvind Misra, MD, IRL |
The mine has total reserves of 95 million tones. India Resources will start operations at the new mine within three years.
"The output from this mine is expected to peak in the seventh year of operations when it is estimated to produce half a million tonnes of coal," Mr. Arvind Misra, Managing Director of IRL said. This is part of India Resources Ltd ’s strategic move to get into exploration side of the mining business in India. "Apart from contract mining, we would like to grow the exploration business," Mr Misra added. In step, IRL has also applied for some 15 prospecting licenses for iron ore in Orissa and Jharkhand.
"We have also applied for licence to explore lead and zinc in the Aravali project in Rajasthan," Mr Misra said.
Source: Economic Times
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Wednesday, 27 January 10
ASIA'S 2010 STEAM COAL IMPORTS TO REACH 460 MLN T
* China to import up to 100 mln T of steam coal in 2010
* China, India seen investing in southern Africa assets
Asian imports of steam coal will ...
Wednesday, 27 January 10
PEABODY ENERGY EYES 'RED HOT' ASIAN COAL DEMAND
US miner Peabody Energy has seen already-strong Asian markets become “red hot”, as demand for metallurgical and thermal coal strains sup ...
Wednesday, 27 January 10
KOLKOTTA BASED POWER UTILITY CESC LOOKING FOR 100,000 MT OF COAL FOR MAY & JUNE DELIVERY
COALspot.com (India): Kolkotta based power utility CESC, the flagship company of the diversified RPG group of India, has issued a closed tender to b ...
Tuesday, 26 January 10
FREIGHT COST ERODES INDIA CEMENTS NET
"Freight cost increased from an average of around 14% of sales in the previous quarters to around 20% in the third quarter"
The Decembe ...
Tuesday, 26 January 10
VITOL BUYS EXPORT SPACE AT COLOMBIA SANTA MARTA PORT
Global energy trader Vitol has signed a four-year deal to take export capacity at Colombia's 3 million tonnes a year Carbonsan port in Santa Marta, ...
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