Gujarat NRE Coke, the largest independent producer of Met Coke in India, has informed that its Australian unit, Gujarat NRE Minerals Ltd (GNM) has secured a $50 million long-term loan from a consortium-led by Axis bank.

The loan was sanctioned by consortium of banks in Singapore, London, Hong Kong and Antwerp, to support and sustain mine developments that are in progress at the NRE No. 1 Colliery and NRE Wongawilli Colliery (in Australia).

It should be noted that company's Australian unit (GNM) is currently developing at its NRE No 1 Colliery three new roadways (for conveyor, rubber-tyred vehicles and track vehicles) into the Wongawilli Seam.

Further, the company officials quoted that the availability of the funds will ensure GNM's progresses remains as per plan to ramp up total run-of-mine production to 7 million tones a year from the NRE No 1 Colliery and NRE Wongawilli Colliery by the year 2012-13.

The scrip of Ahmedabad-headquartered firm settled the day at Rs 31.15, up 4% compared to its previous close.