| (October
31, 2005)
Gujarat
NRE FCGL Pty Limited (GNFL), a subsidiary of FCGL Industries
Limited is pleased to announce its investment of 49 per cent
equity interest in Plouton Resources Pty Limited. The Hon.
Neville Wran, former premier New South Wales is the Chairman
of Plouton Resources and Mr. Arun Kumar Jagatramka, Director,
FCGL Industries Ltd and Vice Chairman and Managing Director,
Gujarat NRE Coke Ltd. will be joining its Board. Gujarat NRE
Coke Ltd. is also having a strategic investment in GNFL.
The
funds invested would be directed to working capital needs,
specifically to evaluate and secure various exploration licences
and exploratory work in Australia (with particular reference
to New South Wales), targeting gold, copper, iron ore and
possibly uranium amongst another minerals. The Investment
entitles Gujarat NRE Coke Ltd. to the first right of refusal
on any marketing/agency agreements for any products or participation
in future equity funding of any project undertaken by Plouton
Resources.
The
company acquired the coal mining leases comprising the whole
of old Avondale Colliery and part of Huntley Colliery in the
Southern Coalfields of New South Wales, Australia earlier
in July, 2005. This investment will further strengthen the
hold of the company in the Australian mining sector.
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