Hindu SAI considers building coal mines in Poland

APA - Austria Presse Agentur
opublikowano: 06-01-2006, 15:36

Warsaw (Puls Biznesu) – Steel Authority of India (SAI) said it was interested in building coal mines in Poland and Russia, according to Hindu media

Warsaw (Puls Biznesu) – Steel Authority of India (SAI) said it was interested in building coal mines in Poland and Russia, according to Hindu media

Our men visited mines put up for sale in these countries, V.S. Jain, SAI head told the local ‘The Telegraph’ paper.

SAI is India’s biggest steel producer, whose 86 percent stake is controlled by the state. It buys 10m tones of coal annually. In Poland, no one knows about its plans.

Polish mines arise interest but this company has not talked with us, Jan Bogolubow from the Ministry of Economy said.

There have been news that SAI is interested in acquiring or building mines due to their growing demand for coke mine, Janusz Olszowski, the CEO of the Mining Industrial and Trade Chamber said.

India has 82 billion tones of coal reserves, or 8 percent of world’s potential. But only 2-3 percent of this coal is coke coal, necessary to produce steel. Poland has unique fields of this coal, especially JSW and Budryk mines. SAI promises rapid production growth in the upcoming years, so it needs coal. Polish mines needs investment because new fields must be explored. In JSW, over PLN 2 billion (EUR 526.3m) must be invested till 2025. The mines themselves have not heard about SAI’s Polish plans.

I know that another Hindu company – Mittal was and is interested in Polish mines, Piotr Czajkowski, Budryk mine CEO said.

To acquire a mine of field is not easy. In order to explore coal, you need concession, and you need a year to get one. It seems very unreal to me, Leszek Jarno, JSW CEO said.

(PLN 1 = EUR 0.263)


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