GVK bags environment clearance for Australia project

In a release sent to exchanges, the company said, "Following a rigorous and thorough assessment process by two levels of government spanning four years, Federal Environment Minister Tony Burke gave an approval decision to construct and operate the Alpha Coal Mine and a railway line between the mine and the port at Abbot Point, near Bowen.

GVK has acquired a 79% stake in the Alpha Coal and Alpha West projects and a 100% stake in the Kevin's Corner Project in Queensland from Hancock Prospecting Pty. Ltd. These projects hold total resources of 8 billion tonnes and a peak capacity of 80 million tonnes per annum. Alpha Coal Project has a mine life of 30+ years and a capacity of 32 mtpa.
 
At 11:02 hours IST, the share was trading at Rs 12.82, up 2.23% with volumes of 4,47,113 equity shares.
 
Market capitalisation of the company currently stands at Rs 2,024.55 crore.