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Gujarat
NRE Coke on Monday said it had bought 49 per cent of Australian
mining firm Plouton Resources for an undisclosed sum. A group
company, Gujarat NRE FCGL, would have first right of refusal
on any marketing agreements for Plouton products and priority
in equity participation in new projects, it said. Gujarat
NRE had last week picked up a 19.9 per cent stake in Sydney-based
Rey Resources Inc. to augment its coke supply, which gave
it first right of refusal to buy Rey's minerals. The Indian
company has been building Australian partnerships to shore
up its coal reserves to meet rising demand for coking coal
among India's growing steel, aluminium and copper sectors.
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