Gujarat NRE Coke today announced that its Australian joint venture company, Gujarat NRE FCGL Pty, has entered into an agreement to acquire the coal mining leases comprising the whole of old Avondale colliery and part of Huntley colliery in the southern coalfields of New South Wales, Australia.The acquisition, subject to ministerial approval, also proposes to re-name the colliery NRE No 2 colliery, according to a release issued by the company to the BSE today.The mining leases being transferred comprise of approximately 5,500 hectare within the Illawarra coal measures of the Sydney basin and Wongawilli and Tongarra seams - both of which have been mined previously in the adjoining leases producing high fluidity low phos good quality hard coking coal. "The indicated recoverable reserves total approximately 96 million tonne," the release added.Arun Jagatramka, vice chairman & managing director of Gujarat NRE Coke, said: "This strategic investment further strengthens the position of our company in the southern coalfields of New South Wales. The southern coalfields is renowned for producing high quality hard coking coal, and the investment makes sense given its vicinity to our NRE No. 1 colliery and the potential benefits of ownership in two nearby collieries."The acquisition and development of the mine will cost about 80 million AUD, the release said.
