Bankura DRI signs deal with Australian co

Bankura DRI Mining Manufacturers Company Ltd, a special purpose vehicle formed by six West Bengal-based sponge iron makers, recently signed a 30-year contract with the Australia-based India Resources Ltd for building, developing and operating an underground captive coal mine at the Biharinath Block in Ranigunj coalfield. The project entails an investment in excess of Rs 100 crore. Surface work will begin within three months. The first delivery of 30,000 tpa of coal is expected in the third year of operation. Production is targeted to reach peak level of 0.48 mn tonne in the seventh year.