December 02, 2008

Australia to support Indian steel makers for coking coal tie ups

The proposal for Steel Authority of India Limited, Rashtriya Ispat Nigam Limited, Coal India Limited, National Mineral Development Corporation and National Thermal Power Corporation to jointly acquire interest in coking coal property in Australia has received a fillip with this visit of high powered Indian delegation. It is reported that Australian government has supported the proposal from Indian steel companies to acquire equity stake in coking coal companies there and to acquire coking coal properties.

Mr McFarlane Australia’s federal minister of industry, tourism & resources during a meeting in Brisbane with Mr Ram Vilas Paswan India’s minister for steel, chemicals & fertilizers assured that all possible help in fast tracking these ventures of Indian steel companies would be extended. Both sides also agreed to explore possibility of sourcing key materials like Nickel, ferromanganese and silicomanganese 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 visit.

Mr 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. 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 Billiton 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.