ID :
146570
Tue, 10/19/2010 - 10:18
Auther :
Shortlink :
https://oananews.org//node/146570
The shortlink copeid
Adani to invest $6.9 bn in developing Australian coal project
New Delhi, Oct 18 (PTI) Adani Enterprises will invest USD
6.9 billion in developing its recently acquired Australian
coal mines, the company said Monday.
"Adani ... is committed to invest USD 6.9 billion (about
Rs 30,500 crore) in Australia for developing mine, rail and
port project in its Galilee Basin coal mine in Queensland,
Australia to produce up to 60 million tonnes of coal a year at
its peak," it said in a statement.
The acquisition is one of the largest coal mine deals by
an Indian group. The company in August bought the coal mine
for about Rs 12,600 crore in a cash and royalty deal.
As part of the buyout deal, the group had paid Rs 2,100
crore in cash and is to make additional payment of about Rs
10,500 crore over the next 20 years in royalties to Linc on
the estimated 7.8 billion tonnes of coal reserves.
"We are targeting first coal by the end of 2014 and a
production of between 50 and 60 MMTPA to be achieved by 2022,"
Executive Chairman and Founder, Adani Group, Gautam Adani
said.
"This investment represents the largest ever Indian
investment in Australia and an important benchmark investment
in low rank thermal coal assets, a segment that has previously
been ignored because of inadequate logistics," he added.
Meanwhile, the group's office was opened at Brisbane
today by Queensland Premier Anna Bligh, which the company said
is a milestone towards its goal of mining 200 million tonnes
per annum (MTPA) of coal, generating 20,000 MW of power and
moving 200 million tonnes of cargo through its ports by 2020.
It was also awarded preferred proponent status for
developing the Dudgeon point terminal in Macay, Queensland,
which gives the Adani Group the right to develop a coal
terminal with an annual capacity of 30-60 million tonnes.
Sources earlier said the group was in talks with Coal
India Ltd (CIL) to take on board the state-owned company as a
partner for developing the Australian mines.
In its efforts to secure more coal deposits overseas,
Adani Enterprises also entered into a USD 1.65 billion deal
with the Indonesian government and its mining company PT Bukit
Asam for setting up rail and port infrastructure there and get
exclusive rights to source coal to India.
6.9 billion in developing its recently acquired Australian
coal mines, the company said Monday.
"Adani ... is committed to invest USD 6.9 billion (about
Rs 30,500 crore) in Australia for developing mine, rail and
port project in its Galilee Basin coal mine in Queensland,
Australia to produce up to 60 million tonnes of coal a year at
its peak," it said in a statement.
The acquisition is one of the largest coal mine deals by
an Indian group. The company in August bought the coal mine
for about Rs 12,600 crore in a cash and royalty deal.
As part of the buyout deal, the group had paid Rs 2,100
crore in cash and is to make additional payment of about Rs
10,500 crore over the next 20 years in royalties to Linc on
the estimated 7.8 billion tonnes of coal reserves.
"We are targeting first coal by the end of 2014 and a
production of between 50 and 60 MMTPA to be achieved by 2022,"
Executive Chairman and Founder, Adani Group, Gautam Adani
said.
"This investment represents the largest ever Indian
investment in Australia and an important benchmark investment
in low rank thermal coal assets, a segment that has previously
been ignored because of inadequate logistics," he added.
Meanwhile, the group's office was opened at Brisbane
today by Queensland Premier Anna Bligh, which the company said
is a milestone towards its goal of mining 200 million tonnes
per annum (MTPA) of coal, generating 20,000 MW of power and
moving 200 million tonnes of cargo through its ports by 2020.
It was also awarded preferred proponent status for
developing the Dudgeon point terminal in Macay, Queensland,
which gives the Adani Group the right to develop a coal
terminal with an annual capacity of 30-60 million tonnes.
Sources earlier said the group was in talks with Coal
India Ltd (CIL) to take on board the state-owned company as a
partner for developing the Australian mines.
In its efforts to secure more coal deposits overseas,
Adani Enterprises also entered into a USD 1.65 billion deal
with the Indonesian government and its mining company PT Bukit
Asam for setting up rail and port infrastructure there and get
exclusive rights to source coal to India.
