Jindal Saw in talks to buy 50% of Australian mine

Jindal Saw Ltd. | Steel & Iron Products | Metals & Mining | BSE: 500378 | NSE: JINDALSAW

26 Jul 2010 Evaluate

Jindal Saw, pipe manufacturer, is in talks with North Clermont Coal Ltd, Australia, to buy up to 50% stake in one of its coal mine. According to sources, North Clermont Coal is looking to offload 42-50% stake in its coal mine.

The coal mine has total reserves of 130 million tonnes (mt), and at 50%, Jindal Saw will get access to 65 mt. The deal size is expected to be $120 million (around Rs 565 crore). The mine is currently an unexplored one and the cost to develop it will come up to A$100 million.

North Clermont Coal is an unlisted company based in Australia.

Currently, Jindal Saw sources coking coal from BHP Billiton at $260-270 per tonne with an added freight cost of $35 per tonne. Coking coal is a higher grade variety of coal. Jindal Saw needs coking coal in the production of ductile iron (DI) pipes. crack crack

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