Coal

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Grande Cache Coal* (GCE : TSX : $1.25), Net Change: 0.33, % Change: 35.87%, Volume: 3,537,794
Hillsborough Resources (HLB : TSX : $0.55), Net Change: 0.06, % Change: 12.24%, Volume: 659,008
Walking across hot burning coals is no big deal for some people. The Times of India reports that Coal India is exploring
opportunities to acquire steel-grade coking coal mines in Canada through a joint venture route. The company will go ahead with
its Canada plan once it gets assurance from Steel Authority of India Ltd. (SAIL) and Rashtriya Ispat Nigam Ltd. (RINL). SAIL
is now testing a small consignment of Canadian coking coal and the results are expected within the next month. If the grade is
found satisfactory for Indian steel firms, then Coal India will bid for mines in Canada, which could well be the first overseas
project of Coal India. A high-level delegation of Coal India recently visited few coking coal mines and met Canadian
developers. The paper also reports that, Coal India, SAIL, RINL, National Thermal Power Corp. (NTPC) and National Mineral
Development Corp. (NMDC) are forming a public sector giant for acquiring overseas mines. India currently produces 16
million tonnes of steel-grade coking coal but the demand is close to 40 million tonne.