Gujarat NRE’s Australian arm secures $50-mn loan

May 11th, 2009 - 3:46 pm ICT by IANS  

Kolkata, May 11 (IANS) Gujarat NRE Minerals, the Australian subsidiary of metallurgical coal producer Gujarat NRE Coke, has secured a $50-million long-term bank loan facility with its parent standing as the guarantor, a company release said Monday.
“The facility was obtained to support and sustain mine developments that are in progress at the NRE No.1 Colliery and NRE Wongawilli Colliery (in Australia),” the statement said.

The facility is sanctioned by a consortium of banks in Singapore, London, Hong Kong and Antwerp led by Axis Bank.

The Ahmedabad-headquartered Gujarat NRE Coke is the largest producer of metallurgical coke in India with a production capacity of over one million tonnes.

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