| The Australian company owns and operates the Newpac No 1 Colliery in the Hunter Valley region of New South Wales, which contains one of the largest identified semi-soft coking coal reserves. |
| Arun Jagatramka, vice-chairman and managing director of Gujarat NRE Coke, said the company had invested $10 million for the stake and $16 million for the development of mines. |
| The company has an offtake agreement for a minimum of 5 million tonne coal over the next 10 years. |
| Jagatramka said Resource Pacific was an emerging company in the Australian coal market and this investment strengthened Gujarat NRE's position by securing an additional reliable source of quality coal at the lowest selling price. |
| Gujarat NRE Coke will commence the purchase of coal from Newpac No 1 colliery next year. |
| Gujarat NRE imports coal and processes it into coke and exports it besides selling in the domestic market. Exports constitute about 20-25 per cent of its total production. |
| The company has also bought stake in steel portal, SteelRX, which also announced today launch of an e-trading platform for coal. Called coalrx.com, it would be available to domestic coal companies for selling coal to non-core sector consumers via e-auction. |
| Gujarat NRE already has one operating mine in Australia owned and operated by its subsidiary Gujarat NRE Australia Pty. |
| The company is also investing in development of another mine, NRE Avondale Colliery which is expected to start production in 15 months. The company plans to invest $80 million in each of these mines over the next for year. |
| The company also has around 20 per cent equity in Australian company Zimico Resources which produces base metals like gold, copper, among others. |
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