Kolkata, September 1st 2008.
Gujarat NRE Minerals Limited (“GNM” or the “Company”), an Australian subsidiary of Gujarat NRE Coke Limited (“GNCL” or the “Parent Company”) in India, held its fourth Annual General Meeting on 30 August 2008 in Wollongong, NSW.
Mr. Arun Kumar Jagatramka, Chairman of the Company, made a brief presentation on Company’s future plans and business strategies. During his presentation he informed the shareholders that demand in India for coking coal for the steel industry is growing at a phenomenal rate and the Company is in lot better position to benefit from this growing demand. The Company is in process of increasing its productions up to 6 million tonnes per annum by 2012/13 from both the mines (NRE No.1 Colliery and NRE Wongawilli Colliery) located in Illawarra region of New South Wales. The Company will be investing $400 millions to $450 millions on these mines over the next four years to achieve the production of 6 million tonnes per annum.
He further informed the shareholders that these two mines (above-mentioned) hold around 560 million tonnes of resources (including measured, indicated and inferred) and Company is anticipating extracting high quality coal for at least another 30 years from these mines.
He also informed the shareholders that the Company is currently employing more than 450 workers and contractors in its mines. Most of the permanent employees of GNM are also the shareholders of the Company and will be part of the Company’s prosperity and productivity. He further added that similarly 95% employees of the Parent Company are also the shareholders of GNCL and part of its growth.
He then informed that the Parent Company is India’s largest independent met coke producer and the only listed company in this sector. GNCL is listed on Bombay Stock Exchange and National Stock Exchange in India and has more than 120,000 shareholders. GNCL is in process of doubling its current coke manufacturing capacity by 2012/13.
Mr. Jagatramka was delighted to inform the shareholders that the Company listed on Australia Securities Exchange last year on 10 July 2007 with a share price of 50 cents each is currently trading between $1.30 and $1.40, which is almost trebled. The Company’s lowest share price was 49 cents (on 10 July 2007) and highest share price was $1.91 (on 10 June 2008). The Company’s fully diluted current market cap is of more than Aus $1 billion.
Finally he confirmed the shareholders that their Company is committed to best practice environmental standards following footsteps of its Parent Company, which has setup green belts around its coke manufacturing plants in India and owns 40 wind farms generating 87.5 megawatt green power with plans to setup a waste heat recovery plant with a 60 megawatt capacity by 2010.
For More Information Contact :
Mr P R Kannan, Chief Financial Officer
+ 91 9836074444
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