The major companies like Tata Steel, Vale, Nippon Steel Corporation, JFE Steel and JFE Shoji, are planning to undertake a large scale expansion of the Carborough Downs mine near Moranbah in Central Queensland in Australia, very soon. The sources related to the development have stated that the companies will jointly invest an amount of $401 million (Rs 1,565 crore) for the purpose.
The sources from the industry have informed that the Carborough Downs is actually an underground mine, that is currently being operated by the Carborough Downs Coal Management Pvt Ltd. The Vale is owning a controlling stake of 80 per cent in the mine at the moment and its joint venture partner, Tata Steel, Nippon Steel Corporation and Posco are holding a share of five per cent each. The share of JFE Steel and JFE Shoji in the mine is 2.5 per cent each, at the moment. The sources further informed that the companies are planning to start construction work for commencement of the project in May 2008. They said that the commissioning of the new mining equipment (Longwall), is going to be one of the largest in Australia and the companies are expecting the Longwall by the middle half of 2009.
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| Posted : 5/9/2008 |
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