JSPL suspends work at Australias oldest coal mine

first_imgJindal Steel and Power Ltd (JSPL) on Tuesday said it is suspending work at the Australia’s oldest coal mine, Russell Vale Colliery, due to “significant financial losses” and “operational difficulties”.JSPL-controlled Wollongong Coal Limited (WLC) owns and operates Russell Vale Colliery and Wongawilli Colliery in the Southern Coalfields region of New South Wales in Australia. “Mining operations at the Russell Vale Colliery will be suspended and placed into ‘Care and Maintenance’, which will result in a reduction of the workforce by approximately 80 employees,” WLC said in a regulatory disclosure. When contacted, a JSPL spokesperson said, “Work force restructuring and rationalisation of man power has been undertaken at WCL, keeping in mind the present and emerging work load requirements.” Also Read – Punjab & Sind Bank cuts MCLR by up to 20 basis pointsThe acquisition of WCL is strategic to the Jindal Group in fulfilling its metallurgical coal (coke) requirements and the group remains optimistic about commencement of operations in the colliery in the near future, she added. “WCL is confident of obtaining the requisite approvals for longwall extraction in the Russel Valle Colliery and would soon commence operations,” the spokesperson said.JSPL acquired a major controlling stake and management control of WCL in 2013 and has invested over $400 million in the mine in the last two years. On the decision to suspend work, WLC chief Executive Milind Oza said: “This decision is not taken lightly and we have continually attempted to avoid this unfortunate situation by undertaking a series of workforce restructuring.” With partial extraction of longwall 6 at the 128-year-old Russell Vale Colliery complete and the firm experiencing significant losses, ongoing operations at the Colliery are simply not sustainable at this point in time, he added. Also Read – ‘The great gold bull market has begun’Oza said the firm continually attempted to avoid suspending work at the mine, which started operations in 1887, by undertaking a series of workforce restructuring. “Wollongong Coal has been facing a tough operating environment for some time including ongoing delays in the approval of the company’s Underground Expansion Project (UEP) and significant financial losses,” Oza said. According to reports, the closure of the mine has come amid the company’s failure to gain approval for expanding underground mining operations by state’s controversial Planning Assessment Commission in April.  WCL reported a loss of $199.2 million in the financial year to March 31, following $169.4 million loss in the previous year, media reports said.last_img read more

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Mitra extends invitation to 18 LAC countries for attending 5th BGBS in

first_imgKolkata: State Finance and Industry minister Amit Mitra on Thursday extended invitation to 18 Latin American and Caribbean countries (LAC) for attending the 5th edition of the Bengal Global Business Summit (BGBS) in February 2019.”There are a number of core competency areas that we have in common. Leather, textiles manufacturing, information technology (IT) etc. are the sectors where cooperation can be fruitful. There is potential for investment which will be beneficial for both sides. There can be partnership even in the state level between Bengal and the states of LAC region,” Mitra said at a conference on ‘India– LAC Business Cooperation: Special focus on West Bengal’, organised by Indian Chamber of Commerce (ICC) in the city. Also Read – Rain batters Kolkata, cripples normal lifeThe minister said that one company in Bengal has recently invested in Chile for manufacturing of mining machinery. “Now it is time for the LAC countries to come and invest in Bengal. I am optimistic that many of these countries will come at BGBS and behold the advancement of Bengal in the recent past,” he said. According to Mitra, six countries have already agreed to partner Bengal in BGBS 2019, including Germany and Italy which Chief Minister Mamata Banerjee visited in September this year. Also Read – Speeding Jaguar crashes into Mercedes car in Kolkata, 2 pedestrians killedMitra expressed his displeasure over the role of the Narendra Modi government at the Centre, in developing trade and diplomatic relationship between India and the LAC countries. “In 2014, our honourable Prime Minister visited Brazil during the BRICS summit. But unfortunately, since then the Central government has hardly engaged in talks with these countries. This has hit the diplomatic relationship between the nations. Only five diplomatic leaders from the LAC region visited India during these four years. We need to know each other more for fruitful partnership and Bengal will push the Centre to engage in more dialogues with them. Our relationship should be sustainable and on a long-term basis,” he maintained, adding that trade between India and Latin American countries that had picked up to 48 billion dollars in 2013-14, has also dropped in recent years. He also called for more Preferential Trade Agreements (PTAs) with the LAC region. The minister also discussed the deep cultural and social linkages between West Bengal and LAC countries and said that Bengal is one of the leading states in India in terms of human capital generation and employment creation. The event was attended by honourable Ambassadors from eighteen Latin American nations- Venezuela, Brazil, Paraguay, Cuba, Colombia, Mexico, Guatemala, Trinidad & Tobago, Guyana, Ecuador, Argentina, Panama, Dominican Republic, El Salvador, Peru, Suriname, Bolivia and Uruguay. Regional Groups in LAC like ALBA, Caricom, Mercosur, Pacific Alliance & SICA gave PowerPoint presentations at the session.last_img read more

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