Australia eyes partnering India in mining exploration (With: India seeks Australian mining expertise to meet energy demand)November 4th, 2008 - 8:12 pm ICT by IANS
Kolkata, Nov 4 (IANS) A number of Australian companies are interested in investing in mining exploration in India, a minister of that country said here Tuesday.”India has huge resources of mining and most of them are still untapped. We’re keen to go for partnership with Indian companies and would also like to invest directly in the minerals and resources sector,” Australian Minister for Resources, Energy and Tourism Martin Ferguson told a press conference.
He said many Australian companies are now trying to maximise the resource development with their Indian counterparts, using advanced technologies and their expertise.
According to Tracey Winters, secretary to Ferguson, the minister had a scheduled meeting with West Bengal Chief Minister Buddhadeb Bhattacharjee on enhancing economic cooperation between the countries.
“The minister (Ferguson) will share views about the investment opportunities of Australian companies in this part of India - especially in the mining exploration sector. The minister would also welcome a number of Indian companies to participate in the similar economic activities in Australia too,” she said.
Winters said Australia is open to foreign investment in the coking coal sector. She said: “Already a few Indian investors, including Gujrat NRE Coke and the Aditya Birla Group, have invested in Australia and several others are now evaluating the opportunities.”
The Aditya Birla Group has acquired a copper mine in Australia, Queensland’s Mt Gordon Copper Mine, for a gross consideration of $21 million.
Australia is participating as the Focus Country in the 9th International Mining and Machinery Exhibition (IMME) 2008, to be held here Nov 5-8. A delegation of 50 Australian companies will participate in the trade show.
The event will showcase Australia’s global leadership positioning in mining technology and services.
According to a rough estimate, over 60 percent of the world’s mines operate with Australia-designed mining software and mine management system.