Lanco Infratech to acquire Griffin Coal Mining Co

Mumbai, December 15: Lanco Infratech Ltd with business interests in construction, Power, EPC, Infrastructure and Property Development has come into a binding agreement with Griffin Energy Group Pvt Ltd (Administrators Appointed) and Carpenter Mine Management Holdings Pty Ltd (Administrators Appointed) to purchase 100% shares of Griffin Coal Mining Company Pty Ltd and Carpenter Mine Management Pty Ltd (Griffin Coal). This was done through their Australian subsidiary Lanco Resources Australia Pty Ltd.

Griffin coal owns the largest operational thermal coal mines in Western Australia. The mine currently produces over 4 mtpa of coal and can be ramped up to over 15 mpta in the near term, post development of evacuation infrastructure. The mining tenements contain over 1.1 billion tonnes of JORC compliant thermal coal resources.

The mine is located in close proximity to India for better trade with India. The mine is also easily accessible by rail and road and better connectivity with other mines in Australia. Suresh Kumar, CFO of Lanco Infratech Limited, said: “The acquisition of Griffin Coal is an important component of our development strategy, providing increased fuel security for our current power generation assets and future power portfolio expansions. This acquisition also presents an opportunity to Lanco to participate in the burgeoning natural resources trading market."

OneIndia News