Friday, 17 Jun 2011
PTI reported that GVK Power expects to complete a USD 2.4 billion deal to pick up an interest in Queensland coal projects owned by iron ore mining magnate Ms Gina Rinehart before the end of August.
As per reports, the framework of the deal has been reached but details of the deal and the question of GVK securing finance are still to be completed.
Last month, Ms Rinehart confirmed a possible sale of equity by her Hancock Prospecting in the Alpha and Kevin's Corner coal projects in the Galilee Basin in Queensland. But she ruled out selling the lot as has been suggested in Indian reports.
Hancock Prospecting has been doing trial mining in the Galilee Basin.(sourced from PTI)
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