Business Daily from THE HINDU group of publications
Sunday, May 03, 2009
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Business Daily from THE HINDU group of publications Sunday, May 03, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Overseas Investments Industry & Economy - Coal ICVL may bid for a coal block in Mozambique Our Bureau Kolkata, May 2 International Coal Ventures Ltd (ICVL) — an SPV created by five PSU majors including Coal India and SAIL — may bid for a coal block in Mozambique this month. According to sources, ICVL representatives have completed an initial survey of the asset and will seek board approval to bid for the same within a week. The last date of submission of bid is May 15. CIL and SAIL each hold 28 per cent stake in ICVL, the other partners being RINL, NTPC and NMDC. Mozambique, which has one of the largest reserves of thermal as well as coking coal in the world, recently offered block A1 and A2 to CIL as part of a concession agreement. Of the two blocks, A1 is most promising and has an estimated reserve of one billion tonnes thermal and coking coal reserve. CIL is expected to invest approximately Rs 700-800 crore in developing the assets in the next five years. ProductionThe proposed mines may produce five million tonnes of coal per annum in the first phase and will be developed in a joint venture with either the Mozambique government or its nominee. The local partner will hold a participatory 15 per cent stake in the joint venture. As part of the concession agreement, CIL will spend an additional Rs 100 crore towards distributing artificial limbs, creating a mine technology hub and setting up an institute in the lines of Indian Institute of Mines to create a sufficient human resource pool in Mozambique. Coal India eyeing one more block in Mozambique Coal Ventures completes due diligence of 2 Mozambique blocks More Stories on : Overseas Investments | Coal
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