Companies & Sectors
GVK’s $10 billion coal project gets Australia government approval

Australia’s federal environment minister Tony Burke has given an approval to construct and operate the Alpha Coal Mine and a railway line between the mine and the port, GVK said in a statement

 
Hyderabad: The Australian government has given a green signal to the GVK Group’s $10 billion Alpha Coal project in Queensland, reports PTI.
 
Federal environment minister Tony Burke has given an approval to construct and operate the Alpha Coal Mine and a railway line between the mine and the port at Abbot Point, near Bowen, GVK said in a statement.
 
Last year, GVK had acquired 79% stake in the Alpha Coal and Alpha West projects and a 100% stake in the Kevin's Corner project in Queensland from Hancock Prospecting Pty Ltd.
 
Earlier, the Federal Government of Australia had raised objections to the environmental clearance given by the Queensland government to the project.
 
GVK vice-chairman GV Sanjay Reddy said this is an important milestone for the projects which will provide significant benefits to the Alpha and Bowen regions.
 
The projects are expected to provide 2,000 on-going jobs in operations directly, employ around 4,000 during construction and return to the government $1.5 billion annually in royalties and taxes at peak production, he said.
 
These projects hold total resources of 8 billion tonnes and a peak capacity of 80 million tonnes per annum.
 
When combined, these projects will create one of the largest coal mining operations in the world, the company said in the statement.
 
The Alpha Coal project has a mine life of over 30 years and a capacity of 32 mtpa which makes it suitable for high production open cut mining.
 
GVK has also acquired a 100% stake in the 500 km rail line and a 60 million tonne per annum (mtpa) port as part of the “pit-to-port” logistics solution.
 
“This positive decision also paves the way to ensure more than 1.4 billion people (largely in Asia) that face major shortage of electricity, are provided with an additional source of coal to enhance supply of electricity to the region, thus improving quality of life of the people and overall economic development,” Mr Reddy said.
 
The Queensland government has also selected GVK’s Rail Corridor as the north-south corridor for connecting the Galilee Basin to the Port of Abbot Point in Australia.
 
GVK’s coal mining project with its superior quality low ash, low sulphur and low gas thermal coal, will be reliably exported mainly to Asian destinations.
 
Construction is expected to start next year with first coal being produced in 2015-16, the release added.
 

User

COMMENTS

anantha ramdas

5 years ago

We must congratulate Sanjay Reddy and his team for making such a break through in Australia. You have really made us proud.

But what makes us sad is why you have not been able to do something similar in India?

It is fair to assume that you have had a lot of obstacles to overcome before reaching this successful conclusion.

And it is time you organize a seminar in India, preferably in Hyderabad, and explain to whole
bunch of government officials all the obstacles you faced and how you overcame them. Tell them exactly how to to do their job efficiently and honestly in the interest of the nation.

Such a move might move mountains and the heart of heartless and impractical Babus and bring the required change in the country for its march forward.

Good luck Sanjay and your team.

REPLY

Sandeep Agarwal

In Reply to anantha ramdas 5 years ago

Well brought out point, Mr Ramdas.
Indeed we, at GVK are constantly exploring opportunities, both in India & elsewhere for infra development. Order of success is also dependent on the government support, that is given.

Best,
Sandeep

Government informs SC that it is unable to find who leaked Radia tapes

The conversations were recorded as part of the surveillance ordered by the directorate general of Income Tax on a complaint alleging that Ms Radia had within a span of nine years built up a business empire worth Rs300 crore

New Delhi: The Indian government on Thursday filed a report in the Supreme Court saying it has been unable to find the source which leaked the tapes containing the conversation between corporate lobbyist Niira Radia and others, including Tata group chairman Ratan Tata, reports PTI.
 

“In a nutshell, the report says it is difficult to find by which source it was leaked,” a bench comprising justices GS Singhvi and SJ Mukhopadhaya said, after perusing the report filed in a sealed envelope.
 

The bench further said, “Regarding the source which leaked the tapes, they have been unable to find it.”
 

The second report by the government on its probe into the leakage of the recorded conversation was filed during the hearing of the petition filed by Ratan Tata seeking inquiry into the incident which he alleged was in violation of his fundamental right to privacy.
 

The conversations were recorded by the government as part of the surveillance ordered by the directorate general of Income Tax (Investigation) following a complaint on 16 November 2007, alleging that Ms Radia had within a span of nine years built up a business empire worth Rs300 crore.
 

The government had recorded 180 days of Ms Radia’s conversations—first from 20 August 2008 onwards for 60 days and then from 19 October 2008 for another 60 days. Later on 11 May 2009, her phone was again put on surveillance for another 60 days following a fresh order given on 8 May 2009.

User

Government says it is ready to discuss threadbare CAG report on coal issue

Parliament has been in turmoil since Tuesday, with members of India’s main opposition Bharatiya Janata Party demanding resignation of prime minister Manmohan Singh

New Delhi: Asserting that it has nothing to hide, the Indian government on Thursday said it was prepared to discuss threadbare the CAG (Comptroller and Auditor General of India) report on coal block allocation in the Parliament and reply to the issues raised by the opposition, reports PTI.

“The government is already prepared to discuss anything they want. The prime minister has already said that. We are prepared to discuss the issues threadbare,” home minister Shushil Kumar Shinde told reporters outside the Parliament House.
 

Law minister Salman Khurshid expressed the hope that the opposition will join in ensuring proper functioning of Parliament.
 

“We want to give a reply to both the opposition and the country. We have nothing to hide,” Mr Khurshid said.
 

Parliament has been in turmoil since Tuesday, 21st August, with members of India’s main opposition Bharatiya Janata Party (BJP) demanding resignation of prime minister Manmohan Singh over the CAG’s findings on the issue of extension of undue benefits to the tune of Rs1.86 lakh crore in allocation of coal blocks.

 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)