Adani seeks nod for Australian coal export project

0 Comments read Business and Trade

By Neena Bhandari

Sydney, 18.11.2011 (Business Standard): Adani Mining Pvt Ltd has applied for regulatory approval for a new coal terminal at Abbot Point in the state of Queensland, which would potentially raise total coal export from the port by 70 per cent.

Adani said the project would create jobs and stimulate the local economy, while the mined coal would be exported to India for the power sector.

“Adani Mining is planning a large coal mining project with allied infrastructure, the Carmichael coal mine and rail project, with a planned 60-mtpa (million tonner per annum) peak production in 2022. For evacuation of our coal volume, we are exploring various port options, including a greenfield (new) terminal at Dudgeon Point and also the possibility of expansion of the Abbot Point Coal Terminal,” said Harsh V Mishra, president, corporate planning, for the Ahmedabad-headquarterd Adani Group.

Continue reading →

Australian PM’s move on Uranium welcomed

0 Comments read Business and Trade

By Neena Bhandari

Sydney, 17.11.2011 (Business Standard): The Australia India Business Council (AIBC) has welcomed Prime Minister Julia Gillard’s support for uranium exports to India, a move that has boosted optimism across the sector here.

“The ability for India to generate the power needed to support its rapidly growing economy is reliant on safe and secure access to nuclear power. With Australia holding a significant share of the world’s uranium reserves, it represents an important opportunity for trade that can be managed, given appropriate levels of transparency,” said Arun Sharma, national chairman of AIBC, which this year celebrates 25 years of promoting trade and business relations between the two countries. Continue reading →

Oswals crash land on alleged fraud in Oz

0 Comments read Business and Trade

By Neena Bhandari

Sydney, 15.11.2011 (Business Standard): When industrialist Pankaj Oswal set out to build one of the largest fertiliser plants in the resource rich state of Western Australia, his stellar rise attracted admiration and envy, but today he stands accused of one of biggest corporate frauds in Australia after his Burrup Fertilisers Pty Ltd, a subsidiary of Burrup Holdings, went into receivership last December.

The ANZ Bank, which is trying to recover A$900m in loans, appointed PPB Advisory as the Receivers following ongoing court disputes between Pankaj, who was Burrup’s chairman and managing director, and Norway’s Yara International, a 35 per cent shareholder and customer of the ammonia plant; default events related to debt facilities which were established between 2002 and 2007; and evidence of financial irregularities.

Continue reading →