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Tata Steel, Vale to invest in Aussie mine
May 08, 2008: As part of its efforts to ensure raw material security, Tata Steel along with Brazilian mining giant Vale and other joint venture partners, is undertaking a massive expansion of the Carborough Downs coal mine near Moranbah in Central Queensland, Australia, for an investment of $379.41 million.
Carborough Downs is an underground mine operated by Carborough Downs Coal Management. Around 80 per cent of the mine is owned by Vale and its joint venture partners, including Tata Steel, Nippon Steel Corporation, Posco, JFE Steel and JFE Shoji. Tata Steel, Nippon Steel and Posco own 5 per cent each in the Carborough Downs coal mine, while JFE Steel and JFE Shoji individually hold 2.5 per cent.
The investment would lead to an annual production of 4.9 million tonnes Run of Mine (RoM) coal, yielding 3.7 mln tpa of coking and PCI coal from the third quarter of 2009.
Source: Business Standard