Gujarat NRE invests NZ$ 20 mn in Pike River Coal Company

Mumbai, June 13 (UNI) Gujarat NRE Coke has extended its Australasian presence with the purchase of a NZD 20 million shareholding in Pike River Coal Company, a subsidiary of New Zealand Oil and Gas.

Informing BSE, the Company said it has also contracted to take 4,00,000 tonnes per annum of Pike Rivers premium hard coking coal.

The unique low ash and low phosphorus levels, top-of the-range plasticity (fusibility) and strong coking properties of Pike River coal will allow the Company to produce a high quality coke.

The Pike River investment will extend the Companys Australasian interests to New Zealand. In the last two years, the Company has acquired two coal mines in New South Wales.

Further, on the domestic front, the Company plans to set up a new coke oven plant in Dbarwad, Karnataka, having a capacity of four lakh tonnes per annum. The plant is slated to start production in July 2007.

Giving a macro picture, Company Managing Director Arun Kumar Jagatramka said Indian imports of coking coal of around 22 million tonnes per annum now are forecast to rise to 64 million tonnes by 2011-12.

UNI SN ADG AW1606