Griffin Coal, which was acquired by Lanco Group early this year, may generate revenues of up to $160 million this fiscal, according to a senior company official.

The miner may produce coal up to 4 million tonnes during the March, 2011-March, 2012, period, the Lanco Group official said, requesting anonymity.

“At the current rate of production, it may reach 3.8-4 million tonnes. Nearly four million tonnes will be produced in this year. While three million tonnes is sold in Australia itself, another 0.7 million tonnes will be exported,” the official told PTI. “The overall value will be in the range of $150 million to $160 million,” he said.

The company, however, is not exporting coal directly to India, as some traders are doing this on their own, he said.

Lanco Infratech took over Griffin Coal Mining Company Pty Ltd and Carpenter Mine Management Pty Ltd (Griffin Coal) in March this year through its Australian subsidiary.

“About 4 million tonnes of coal production will continue for the next three years. Once the evacuation facilities are enhanced in the next 3-4 years from now on, it can be scaled up to 15 million tonnes,” he explained.

Lanco has plans to ramp up its power generation capacity in India to 15,000 MW by 2015 from the present 2,082 MW. The company is looking to set up power projects in coastal regions based on imported coal, a senior Lanco official had said earlier.

Meanwhile, Lanco CEO - Overseas Business Mr Nagprasad Kandimall said it will take at least a year for the legal tussle between Lanco and Perdaman Industries over coal supply to come to an end if the litigation in an Australian Court is not settled or withdrawn.

Multinational Perdaman Industries has slapped an A$3.5 billion (about Rs 16,600 crore) lawsuit on Lanco in the Supreme Court of Western Australia, alleging that the Indian miner is not complying with a 25 year-long coal supply pact that it inked with Griffin for its upcoming Collie urea plant in Western Australia.

Related Topics