Chairman Jasbir Singh said the change of name reflected the change in majority control of the company and firmly aligned operations with the Wollongong region.

He said the change of name, subject to approval by the ASIC, signalled a “refreshing new start for the company, which had faced difficult times in the past”

“It’s a tough market as coal prices remain at an all-time low,” he said.

“But we believe the company potentially has a good future despite all the difficult market conditions,” he said.

“Since Jindal Steel and Power’s takeover last August we have restructured the business, cut costs, improved productivity and employed a professional management team.”

Singh said Jindal Steel and Power, a global Indian steel and power producer, had invested $235 million to date, including $150 million in the past six months, in the Wollongong company’s two mines at Russell Vale and Wongawilli.

“In India, Jindal currently produces 5.5 million tonnes per annum of steel and generates more than 2500 MW of power,” he said. “Last year it imported about two million tonnes of coking coal from Australia and will be requiring close to eight million tonnes of coking coal by 2020.”

Singh said these investments in the company made strategic sense, especially from the longer-term perspective.

At the AGM, in accordance with standard business procedure, one-third of the positions on the board were declared vacant and offered for re-election by the shareholders.

As a result, Maurice Anghie and Singh were re-elected, with Singh retaining the role of company chairman, while Arun Jagatramka was no longer on the board following his resignation recently.

Singh said the company had recently completed institutional portion of the rights issue, successfully raising around $26 million, while retail potion, which is currently open, may raise up to $14 million assuming all other shareholders participate in the offer.

“For its brownfield expansion plans, the company needs to further invest substantial capital to continue operating and producing coal from our two mines,” he said.

“At the same time it also needs the state government to be responsive to our applications for expansion to ensure continuity, viability and sustainability of these mines.”