Lanco Infratech Ltd, owner of Australia's largest coal mines, Griffin Coal Mine with more than 1.2 billion tonnes of Coal reserves, are expecting to boost its Australian operations and will achieve breakeven, as targeting to touch 5 million tonnes (MnT) Coal production by December in current fiscal.
“The current production of Coal in the Australian mine was 3.2 MnT per annum and with small expansion programme the same can be ramped up to nearly 2 MnT per annum”, said by Mr L Madhusudhan Rao Lanco's Executive Chairman.
During the recent Annual General Meeting Mr. Rao mentioned “We are currently at 3.2 MnT in terms of production. With small expansion program which is underway now, we expect by December to be at 5 MnT per annum rate. So at 5 MnT per annum, we are expecting the breakeven”.
In March 2011, Lanco Infratech Ltd has acquired Griffin Coal Mining Company and Carpenter Mine Management for AUD 730 million, through its Australian based subsidiary Lanco Resources Australia.
Griffin Coal Mining Company Pty Ltd, based in Collie, is Western Australia's oldest Coal company with Coal resources of approximately 1.2 billion tonnes.
Coal from Griffin caters to both the domestic Australian and export markets. It produced 3.11 MnT of Coal during the year with sales of 3.03 MnT.
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