6 mn tonnes coking coal from Australia by 2015: Gujarat NRE

May 23rd, 2011 - 5:54 pm ICT by IANS  

Kolkata, May 23 (IANS) Gujarat NRE Coking Coal Limited, the Australian coking coal mining arm of Gujarat NRE Coke Ltd, will produce six million tonnes of coking coal by 2015, a top company official said Monday.

“Currently we produce 1.5 million tonnes of coking coal per annum from our Australian mines. We will produce 2.5 million tonnes of coking coal in the next year and by 2015 we will produce 6 million tonnes,” Gujarat NRE Coke Ltd (GNCL) chairman and managing director Arun Kumar Jagatramka told reporters here.

He said the price of coking coal was still high

“In April the price was $330 per tonne. Now it has come down to $315 per tonne. But I think it is actually high. The high price is because of shortage of coking coal in the world market,” Jagatramka said.

Gujarat NRE Mineral Resources Ltd, the unlisted holding company of the group flagship GNCL, owns two oil blocks in Australia.

“Data on oil exploration will come up after a few months,” he said.

Jagatramka said GNCL currently produced 1.43 million tonnes of coke per annum in India and production would be increased to 4 million tonnes within four years.

On launching of the initial public offering (IPO) of Gujarat NRE Mineral Resources Ltd, he said it has been deferred for an indefinite period of time.

“We are not satisfied with the current market valuation,” he added.

–Indo-Asian New Service
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