The company made this announcement during trading hours today, 18 October 2011.
Meanwhile, the BSE Sensex was down 299.85 points, or 1.76% to 16,725.24.
On BSE, 5.25 lakh shares were traded in the counter as against average daily volume of 5.97 lakh shares in the past two weeks.
The stock hit a high of Rs 24 and a low of Rs 22.65 so far during the day.
Gujarat NRE Coke said Australia's NSW Planning Assessment Commission (NSW PAC) has given approval to the project, which includes continuing the extraction of up to 1 million tones of coking coal per annum from the Bulli and Wongawilli seams for the next three years; the continuation of the coal being transported by truck to the Port Kembla Coal Terminal; and upgrades to the existing surface facilities and infrastructure.
Gujarat NRE coke is aiming to put on public exhibition further details of its $250 million expansion plans for the Russell Vale mine by the end of this year, the company said in a statement.
Gujarat NRE Coke's net profit surged 92.91% to Rs 38.66 crore on 3.54% decline in net sales to Rs 436.15 crore in Q1 June 2011 over Q1 June 2010.
Gujarat NRE Coke is the largest independent producer of met coke in India with an installed capacity of 1.43 million tonnes per annum. Gujarat NRE also owns coking coal mines in Australia, with around 652 million tones of coking coal resource with excellent coking properties.