The loan was secured from a consortium of banks in Singapore, London, Hong Kong and Antwerp, led by India’s Axis Bank.
The company is planning to ramp up output to 7 million tonnes per annum from both operations in 2012-13.
Gujarat is aiming to start up its first longwall extraction panel (longwall 12) at the Wongawilli Colliery in July. A subsidence management plan has been lodged with NSW’s Department of Primary Industries for longwall panels 11, 12, 15, 16 and 19.
The company is also consolidating the underground mine with its neighbouring NRE Avondale Colliery, working on establishing access to the Avondale portion of Wongawilli Colliery.
At NRE No. 1, Gujarat is continuing the Wonga Mains project, which involves developing three new roadways into the Wongawilli Seam.
“Development of these roadways will allow access to the virgin coal seam and replaces the old access in the existing Bulli Seam workings,” the company said.
As of the end of the March quarter, Gujarat reported the conveyor roadway was at a distance of 792m, the rubber-tyred vehicle roadway was at 638m and the track roadway was at 764m.
The conveyor and rubber-tyred vehicle roadways had been linked to establish a full ventilation circuit, with a large fan ready for installation to provide enough air for the first 5 kilometres of drivage of the three roadways.
To support the Wonga project, Gujarat has picked up a second Sandvik MB 670 miner.
Pillar extraction of panel 312 at No. 1 is scheduled to start up this month and is expected to last 18 months.
Gujarat has lodged an environmental application to the NSW government for NRE No. 1 to ramp up to 3Mtpa.
Also at NRE No. 1, the X-Mains development is aiming to provide access to the recently acquired V-Mains coal lease, another pillar extraction panel.
Gujarat’s run-of-mine production for the first quarter totalled 224,000 tonnes, with 162,000t from its bord and pillar operations and 62,000t from development work.
Total coal production was 60% higher than in the 2008 March quarter.
Gujarat exports all its coal back to its Indian parent company, Gujarat NRE Coke, through Port Kembla.
Back in 2007, BHP Billiton sold its old Elouera mine to Gujarat, which was renamed as the Wongawilli Colliery.
Shares of Gujarat closed down half a cent to 31c yesterday.