India’s Tata Steel and Brazilian mining giant Vale plan to invest around $379.41 or Rs.1,555 crores in Australia, in order to expand the Carborough Downs coalmine near Moranbah in Central Queensland, Australia.

The decision on expanding production at the Carborough Down coalmine in Australia gives Tata Steel an opportunity to explore larger areas for coal deposits and ensures raw materials security.

The construction is expected to commence in May 2008 and the commissioning of large-scale and new mining equipment is expected by mid 2009, a Tata Steel release stated.

Carborough Downs is an underground mine operated by Carborough Downs Coal Management. Vale and its joint venture partners, including Tata Steel, Nippon Steel Corporation, Posco, JFE Steel and JFE Shoji, own around 80% of the mine. Tata Steel, Nippon Steel and Posco own 5% each in the Carborough Down coal mine, while JFE Steel and JFE Shoji individually hold 2.5%.

The investment would lead to an annual production of 4.9 million tonnes Run of Mine coal, yielding 3.7 million tonnes of coking and PCI coal from the third quarter of 2009.


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