Bucyrus set to win back equipment order

THE US Export-Import Bank has caved in to public pressure and given preliminary approval to provide a $US600 million loan guarantee to India’s Reliance Power. Once fully approved, this financing will save a major contract for Bucyrus mining equipment.
Bucyrus set to win back equipment order Bucyrus set to win back equipment order Bucyrus set to win back equipment order Bucyrus set to win back equipment order Bucyrus set to win back equipment order

 

Blair Price

In late June the government-owned bank scrapped the financing deal linked to Reliance’s mine-mouth, 3960 megawatt coal-fired Sasan Ultra Mega Power station in the heart of India.

The bank has since discovered more about the carbon emissions of the project, triggering a full review of the decision.

“Reliance has agreed to cap at 850 grams of CO2 per kilowatt hour,” the bank said.

“We would like to praise the US Export-Import Bank for approving the environmental aspects of the Reliance Power Project application, which will allow us to provide mining equipment to the Indian project moving forward,” Bucyrus said.

“This is the first step in the process to provide financing, which will create nearly 1000 jobs across 13 states in the US, as indicated by a study conducted by the Metropolitan Milwaukee Association of Commerce.

“We are confident that the remaining steps of this process, including financial review, will be completed expeditiously in order to allow Reliance Power to proceed with its project plan.”

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