GVK Says Australian Alpha Coal Mine Order Book Oversubscribed
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India’s GVK Group said the order book for the Alpha thermal coal project in Australia is oversubscribed as the company seeks financing for an $11 billion mine, rail and port development.
Nineteen potential buyers from nine countries have made purchase commitments including letters of intent and memoranda of understanding for more than 40 million metric tons from the project in Queensland’s Galilee Basin, said Paul Mulder, the managing director of coal and infrastructure of GVK Hancock, the company’s Australian unit. Construction is planned to start next year with first exports as early as 2016, Mulder said in an interview in Brisbane yesterday.