Australia supports Indian Steel majors to acquire stake in Coking Coal Mines

Australia has supported the proposal from Indian steel companies to acquire equity stake in coking coal companies there and to acquire coking coal properties. The Australian Federal Minister of Industry, Tourism and Resources, Mr. McFarlane gave this assurance when the Minister for Steel, Chemicals and Fertilisers Shri Ram Vilas Paswan met him in Brisbane today. Mr. McFarlane assured the Minister of all possible help in fast- tracking these ventures of Indian Steel companies, which are absolutely critical for India’s proposed expansion of steel sector capacity. Despite the worldwide demand for Australian coking coal, Mr. McFarlane assured that there was good potential for Indian companies to invest in Australia.

Mr. McFarlane also assured Australia’s assistance for Indian fertilizer companies to commence operation in Australia when LNG supply becomes available in near future. Shri Paswan and Mr. McFarlane were very optimistic about enhanced economic and commercial cooperation between both countries in the context of India’s accelerating economic growth and the Asian commodities and resources boom.

The proposal for SAIL, RINL, CIL, NMDC and NTPC to jointly acquire interest in coking coal property in Australia has received a fillip with this visit and this proposal has been warmly welcomed by the Australian Government. Both sides also agreed to explore possibility of sourcing key materials like Nickel, Ferro Manganese and Silico manganese from Australia. During discussions, it was also decided that teams of officials would be constituted to carry forward this dialogue and to concretize the decision taken during the delegation of shri Paswan to Australia.

Shri Paswan also held talks with Mr. Eric Ripper, Deputy Premier of the State of Western Australia at Perth; senior officials and Chambers of Mines and Minerals.The delegation also visited key Australian states like Western Australia, New South Wales, and Queensland which are rich in raw materials required for the steel sector. The delegation also visited the Port Kembla in New South Wales State, which is a key port for dispatching coal to India.

Both the State Governments of Australia as well as leading Australian mineral companies such as BHP Biliton and Rio Tinto expressed their keen desire to the Minister to invest in the mineral sector in India. Minister Paswan assured the Australian Government and the Companies of requisite assistance within the boundaries of India’s investment policies and our mineral exploration policy.

Shri Ram Vilas Paswan is leading a high level delegation to Australia to ensure supply of strategic raw materials like coking coal, nickel, ferro manganese and silico manganese, for meeting India’s enhanced steel production requirements in the context of India’s ambitious plans to double steel production capacity over the 11th five year plan period. The delegation includes the Chairman of Steel Authority of India Shri S.K.Roongta, Joint Secretary in the Ministry of Steel Shri George Elias and senior officials from the Rashtriya Ispat Nigam Limited and National Mineral Development Corporation.

Source : Press Information Bureau

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