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The USD INR pair has registered considerable gains so far on account of a strong US dollar overseas. The pair could thus climb to as much as 50.14 during the day. However, strength in Dollar overseas to some extent has been offset by positive cues from global and domestic equities that could limit gains in the pair at around 49.95.

Xstrata Coal and JX Nippon Oil & Energy Corporation announced the creation of a joint venture comprising contiguous metallurgical coal assets in the Peace River Coalfields in Western Canada. JX Nippon Oil & Energy (Australia), a subsidiary of JX, has paid US$435 million in cash to acquire a 25% interest in Xstrata Coal British Columbia (“XCBC”). XCBC comprises a 100% interest in the following metallurgical coal assets:

• First Coal Corporation (“First Coal”) tenements, acquired by Xstrata Coal in August 2011, representing over 100,000 hectares of contiguous coal licenses and applications;

• The Lossan coal deposit acquired by Xstrata Coal in October 2011; and

• The Sukunka coal deposit, the acquisition of which was announced on 8 March 2012 and which completed on 14 March.

Xstrata Coal has retained a 75% interest in XCBC and will develop, operate and manage the assets on behalf of the joint venture. Together with its 25% interest in XCBC through JX Australia, JX will be the exclusive marketing agent for First Coal and Sukunka coal sold into Japan.

The majority of this production is expected to comprise hard coking coal with the balance expected to be PCI coal. Xstrata Coal has combined the project formerly known as Lossan with neighbouring First Coal tenements to create an expanded open cut coal project, now known as the Suska Coal Project (“Suska”), of significantly larger scale.

Norwest Corporation has completed a pre-feasibility study for a longwall mine producing hard coking coal. Xstrata Coal's technical studies indicate the potential to realise further value from the resource.

Yasushi Kimura, President of JX Nippon Oil & Energy, commented:

“JX and Xstrata Coal have built a strong relationship over the years via our Oakbridge joint venture. This opportunity has great significance for JX as it marks our entry into the hard coking coal market. Our existing coal business focuses on the supply of thermal coal to utility companies, and this joint venture enables a full-scale expansion of our business into hard coking coal, which is essential for steel manufacturing.

Xstrata Coal has a strong track record of developing projects and extracting maximum value from coal assets, which will prove invaluable as we build a significant new business that will contribute to the long term stable supply of hard coking coal.”

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