Gujarat NRE Coking Coal has raised Rs 320 crore through an institutional placement to fund its capacity expansion programme at its two hard coking coal mines in Australia. The NRE No 1 colliery and NRE Wongawilli Colliery are located south of Sydney in Wollongong, New South Wales, where the capacity is being raised from two million tonne to six million tonne by 2014-15. The exercise is aimed at meeting growing demand for coking coal across the world. More recently, supplies from Australia have fallen sharply due to floods in Queensland, Australia, which has sent prices surging.It has raised Australian $72 million through the issue of 100 million fully paid ordinary shares at 72 cents each. After the allotment of the placement shares, the aggregate shareholding of holding company Gujarat NRE would come down from 77 per cent to around 69 per cent. Globally, coking coal is dearer by 35 per cent in the past three months to about $305 a tonne, a record level as typically prices of this key raw material for steel-making has remained below $200 a tonne. With both its mines in New South Wales not affected by floods, Gujarat NRE has used the opportunity to send a number of coking coal shipments to steelmakers in China. The company has already raised the capacity of Australian mines in the past year from one to two million tonne and was looking at third-party sales to steelmakers in India and China, among others.
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