Mumbai, Dec 15 (IBNS) Leading business conglomerate Lanco Infratech Ltd., through its step down Australian subsidiary, Lanco Resources Australia Pty Ltd., announced that it will purchase 100% shares of Griffin Coal Mining Company Pty Ltd and Carpenter Mine Management Pty Ltd (Griffin Coal).

 

The company said it has concluded a binding agreement with Griffin Energy Group Pty Ltd (Administrators Appointed) and Carpenter Mine Management Holdings Pty Ltd (Administrators Appointed) for the deals.

 

Suresh Kumar, CFO of Lanco Infratech Limited, said: “The acquisition of Griffin Coal is an important component of our development strategy, providing increased fuel security for our current power generation assets and future power portfolio expansions.

 

“This acquisition also presents an opportunity to Lanco to participate in the burgeoning natural resources trading market. We are committed to expanding Griffin Coal’s export capacity and making a significant contribution to the Collie community and South-West region more broadly.”

 

Griffin coal, based out of Collie in Western Australia, owns the largest operational thermal coal mines in Western Australia. The mine currently produces over  4 mtpa of coal and can be ramped up to over 15 mpta in the near term,  post development of evacuation infrastructure. 

 

The mining tenements contain over  1.1 billion tonnes of JORC compliant thermal coal resources.

 

The mine is strategically located on the western coast  of Australia, hence closer to India compared to the mines in the New South Wales and Queensland areas of Australia. 

 

Significantly, the Griffin coal mines are well connected to two ports through both rail and road. The nearest port being the port of Bunbury located at a distance of 85 kilometers from the mine.