Gujarat NRE Coke announces its foray into iron ore mining in Australia

(June 22, 2005)

Gujarat NRE Coke Limited (GNCL) has announced its intention to invest in fresh equity upto 30% in Australian exploration company, Zinico Resources NL.

Zinico Resources has secured a significant portfolio of prospective iron ore and base metals projects in Tasmania, Australia and is considering a listing on the Australian Stock Exchange. Zinico Resources has secured their projects in close proximity to existing world-class mining projects.

GNCL will become a key cornerstone shareholder and Mr Arun Kumar Jagatramka, Vice Chairman & managing Director of GNCL, will join the board of Zinico Resources upon its listing. Zinico Resources's Board includes Hon'ble Mr Neville Wran (AC, QC), former Premier of New South wales and Mr Ray Schoer, former Executive Director of Australia's national corporate regulator - National Companies and Securities commission (forerunner to the Australian Securities and Investment Commission).

Mr Arun Kumar Jagatramka said of the investment that "the portfolio of assets compiled by the Board and Management of Zinico Resources is exceptional and presents an ideal opportunity for our Company to gain a further strategic exposure to the broader minerals industry in Australia".

Mr Ray Schoer, on behalf of Zinico said "Gujarat NRE Coke is a progressive company with whom we look forward to a long partnership."

Gujarat NRE coke was advised in relation to this transaction by Ernst & Young Mergers & Acquisitions, Perth, Australia.