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SINGAPORE: One of the subsidiaries of mainboard-listed commodities firm Noble Group said it will increase its output substantially.
Gloucester Coal, which is 87.7 per cent owned by Noble, said it will increase its annual production to 3.5 million metric tonnes from 2014.
The increased output is expected to include 2 million tonnes of coking coal - an almost four-fold increase from current production levels.
In terms of its exploration programme, Gloucester Coal is targeting coal resources of between 180 million and 275 million tonnes within three years. It also wants to extend its open cut mining operations to 2030.
Gloucester Coal carried out a strategic review of its operations after Noble became its largest shareholder in June this year.
Earlier this year, Noble had been involved in a long-running battle for control of Gloucester Coal with another Australian miner, Whitehaven. But eventually, Noble won the battle in its takeover bid.
- CNA/sc
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