Austmine Offers To Supply Mining Tech

Speaking at a mining workshop organised by the Australian Trade Commission, principal consultant to Austmine Ian Terrill expressed the networks interest in supplying India with the latest in mining technology through joint ventures with both private and public sector firms.

The workshop is the first of the three to be held in the country as part of the Australia-India `New Horizons Business Forum for the promotion of direct investment in the country by Australian companies.

The emphasis at the Calcutta workshop was on coal and related mining oppportunities.

The anticipated expansion of the steel and power sectors, which are heavily dependent on both domestic supplies and imports of high quality coal, has been welcomed by Australia as a possible area for business collaborations.

 

The joint venture projects are expected to be supported by Australian Export Finance & Insurance Corporation (EFIC), which deals mainly in debt finance linked to Australian exports.

Gordon North, senior manager for project finance and insurance , however, made it clear that EFIC would have to consider the level of Australian exports involved before deciding to extend its services.

This view was also echoed by Ausralian minister for communications & arts Richard Alston, who expressed his governments keenness to extend financial and technological assisstance for the development of mining in India.

Several major Australian firms like RTZ-CRA, BHP and Henry Walker have shown interest in exploratory activities in coal, iron ore, gold, base metals, diamonds and mineral sands.

But the actual level of assistance to India would depend on the degree of willingness on its part to address issues of concern to investors, said Austrade managing director Charles Jamieson while introducing the panel.

He stressed the need for a further expansion of exploration area and greater flexibility in the time frame for relinquishing of leases.

Jamieson said two-way trade between India and Australia is expected to contribute more than A$3.5 billion within the next 5 years and attract investment above A$2 billion.

Indias stand was explained by Coal India chief general manager (foreign projects division) R Bhaskaran, Tata Steel vice-president (marketing and sales) Firdose Vandrewal and Steel Authority of India Ltd (SAIL) director (RMD) G S Garcha.

The second workshop, to be held in the capital today, will concentrate on hard rock mining and coal while the third and final one, scheduled for Thursday at Bangalore, will take up hard rock mining in more detail.