Monday, July 18, 2005

Tata steel signs up Australian Coal Co.

Tata Iron and Steel Company Ltd (TISCO) a major part of India's top business houses entered into a strategic agreement with Australia-based AMCI Pty Ltd to acquire five per cent stake in Carborough Downs coal project. The brand will acquire five per cent stake in the Carborough Downs coal project, which is owned and operated by AMCI Australia Pty Ltd, a sub-brand of AMCI Holdings. It has also signed an offtake agreement for a proportion of the production over the life of the project. The project life is estimated to be 14 years and approximately 58 million tonnes of raw coal is likely to be mined during this period. There is a further potential resource of 100 million tonnes of raw coal in the unexplored areas and deeper seams, it ad ded.