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Gujarat NRE Has Sufficient Coal Supplies, Jagatramka Says

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Nov. 25 (Bloomberg) -- Gujarat NRE Coke Ltd., an Indian producer of the fuel that has a 7 percent stake in Pike River Coal Ltd., has sufficient coal supplies, Chairman Arun Kumar Jagatramka said.

“This year, we are expecting a total coal surplus of 250,000 tons,” Jagatramka said by telephone today, declining to comment on the impact of the Pike River Coal mine tragedy in New Zealand, in which 29 men are presumed dead.

Pike River faces an indefinite production shutdown at its only operating asset after two gas explosions, according to Cameron Peacock, a market analyst at IG Markets Ltd. in Melbourne. The company said Oct. 19 the mine would produce 320,000 to 360,000 metric tons of coal in the year ending June.

“We have a 40 percent offtake agreement with Pike River Coal,” Jagatramka said.

Gujarat NRE Coke shares gained 1 percent to 58.4 rupees at 9:36 a.m. in Mumbai trading. The stock has fallen 20 percent this year compared with a 12 percent increase in the benchmark Sensitive Index.

To contact the reporter on this story: Rajesh Kumar Singh in New Delhi at rsingh133@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net.

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