Gujarat NRE Coke’s Q2 performance remains steady YoY –
Australian arm receives approval from planning authority of New South Wales for its Wongawilli mine project upgrade & expansion
Kolkata, 9th November 2011: The Board of Directors of Gujarat NRE Coke Ltd, the largest independent met coke producer in India, approved the unaudited financial results of the company for the second quarter (Q2) ended 30th September 2011.
The net profit after tax in the current quarter remained almost the same (Rs 8.04 Crores as against Rs 9.92 crores in YOY Quarter). The total income for the quarter ended 30th September 2011 stood at Rs 270.04 crores as against 243.57 crores corresponding quarter last year.
Mr Arun Kumar Jagatramka, Chairman and Managing Director, Gujarat NRE Coke Ltd, informed that the company’s sales were somewhat affected by the iron-ore crises down south, with major steel plants, many of which source met coke from the company’s Dharwad plant were operating at minimal capacity. Also the seasonal effect of rainfalls in Q2, does have a dampening effect on the sales in the entire country, which is a regular phenomenon every year in monsoons. He also mentioned that the company has a steady export order book, and with the situation in iron & steel industry improving in South India, the company has been experiencing the same with orders flowing in the current month.
Gujarat NRE, the only Indian company to own and operate coking coal mines in Australia has been recently taking confident strides in expansion of its coking coal asset in Australia. The company has been successful of achieving its target and meeting its schedule quite commendably. “We had 5 good news in last 3-4 weeks”, explained Mr Arun Jagatramka, which speaks about the upbeat mood down under.
In a recent development, Gujarat NRE Coking Coal Ltd, the Australian mining company has received New South Wales Planning Assessment Commission’s (NSW PAC) approval for its $62 million upgrade and expansion at its NRE Wongawilli mine west of Dapto.
Mr. Arun Kumar Jagatramka, Executive Chairman of Gujarat NRE commented that this news is another milestone for the Company and one more step forward towards the Company’s ultimate growth plan. It is indeed great news for both the Company and its stakeholders with NSW PAC approvals for both the mines and recently availed US $100 million facility with Axis Bank Limited, Hong Kong, and the Company is looking forward to continue its ongoing developmental activities. It is to be noted that Gujarat NRE is installing longwall mining at its NRE No1 mine and has received the NSW Planning Assessment Commission’s approval for its $122 million upgrade of existing infrastructure at NRE No.1 mine at Russell Vale
The NSW PAC has given written project approval, which allows Gujarat NRE to mine in the Wongawilli seam in the north-eastern part of the lease and also construct an underground roadway to provide access to the western portion of the lease.
Further works approved include the augmenting, upgrading and use of the existing infrastructure at the mine, the extraction of remnant coal reserves within existing mine areas, the extraction of two million tonnes of coal a year from the Bulli and Wongawilli seams for up to five years, rail transportation of coal from the mine and rehabilitation of the site.
The NSW PAC made its decision after carefully considering the Department of Planning’s Assessment Report, including agency and public submissions, along with the recommended conditions of approval and associated documents.
No comments:
Post a Comment