Austral Coke claims to be in better position

Mumbai, Oct 21 (UNI) Austral Coke Limited has claimed that it is in a relatively better position amidst the global financial turmoil as it has not made any long term commitments of supplying coking coal.

''We were right in our strategy, as we understood the cycle correctly,'' the Company Managing Director Rishi Raj Agarwal said in a statement issued here today.

The company is also all set to benefit from the licenses it has abroad for uranium mines. With the Indo-American nuclear deal, these mines could prove to be hugely beneficial for India, the release said.

Austral Coke plans to restructure its mines business into a single entity. It currently has a subsidiary in Singapore, which is more into trading activity.

The mines in Gremach have an estimated capacity between 200 MT and 300 MT, based on preliminary survey and geological features. The valuations of such mines could be in the range of US$ 60 to US$ 90 billion.

Austral Coke&Projects Limited is mainly involved in the business of manufacturing coke and is also involved in the refractory and textile sectors. The company has pursued a strategy of diversifying into manufacturing coke of varied specifications, the release said.

UNI AR SR VKG1530