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Monday, March 21, 2011

Full-fledged revenue from Aus coal mine from next fiscal: Lanco

Leading infrastructure company Lanco Infratech, which acquired Australia's Griffin Coal for 730 million AUD (about Rs 3,400 crore) expects full-fledged revenues from the coal asset from the next fiscal, a top executive has said.
"We will get revenues marginally in this fiscal. It is expected to have significant portion of revenues from the next fiscal. However, we cannot quantify it now. It will take a couple of months to calculate," Lanco CFO Suresh Kumar said.
He said the company had made the upfront amount of AUD 480 million so far for the acquisition of mines and the remaining 250 AUD, which will be raised through internal accruals that would be paid over a period of four years.
"The acquisition will meet 30 per cent of our overall coal requirement till 2015," Lanco CFO Suresh Kumar had said earlier.

The company would require 40-50 million tonnes of coal over the next four years to fuel its power projects in India.Griffin's mines are expected to give Lanco access to four million tonnes of thermal coal, which can be increased to more than 15 million tonnes, Lanco said in a statement.The asset is expected to bring in significant cost savings for Lanco as the cost of coal at Griffin is estimated to be at about AUD 80-85 per ton, as against the current market price of AUD 115-120.

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