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Sunday, 19 July 09
JINDAL S&P IN TALKS TO BUY SA COAL MINE FOR RS 350-400 CR (US$ 80 - 90 MILLION)
 Economic Times reported that, Naveen Jindal-led Jindal Steel & Power (JSPL) is acquiring a thermal coal mine in South Africa, a top company executive said. The mine has reserves of more than 50 million tonne of thermal coal, which is mainly used in power generation. Though the deal size could not be ascertained, mining experts feel it could be between Rs 350-400 crore depending on the quality and grade. JSPL has interests in steel, power and mining.
“We have acquired a partially operational coal mine, which has proven reserves of around 30 million tonne. If explored further, total reserves could surpass 50 million tonne,” JSPL CEO Vikrant Gujral said. The mine was acquired from South African mining firm ESF, which has more thermal coal mines in its portfolio. The transaction is likely to be funded through a mix of debt and internal accruals.
The acquired thermal coal mine will enable JSPL to secure long term raw material requirement of its proposed power plant in Chhattisgarh while providing an option to sell the surplus coal through open access at spot prices. JSPL’s team in South Africa has already started identifying areas in the mine that have not been explored yet.
Jindal Power, a wholly owned subsidiary of JSPL, is setting up a 1,000-mw thermal power plant at Raigarh in Chhattisgarh with an investment of over Rs 4,500 crore. The parent company already owns open cast coal mines at Raigarh, which have reserves of around 100 million tonne. The mines meet coal requirement of the company’s existing captive power plant in Raigarh.
Several Indian steel firms, including JSPL, have been seeking coal assets in countries such as Canada, South Africa and Indonesia for the past several years due to lack of high quality coal in India. In 2007-08, India imported about 50 million tonnes of coal. The Planning Commission has estimated that demand-supply mismatch in coal may reach 200 million tonne by 2012, increasing country’s import-dependence
Source: Economic Times
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Tuesday, 16 June 09
INDIAN MINING WORKER ARRESTED IN BENGKULU
Forestry officials in Bengkulu Province, Sumatra, arrested one Indian national and two Indonesians on Sunday for unauthorized exploration in the ele ...
Tuesday, 16 June 09
INDIAN GOVERNMENT MAY ALLOW PRIVATE COMPANIES TO MINE COAL
The government is “strongly considering” to allow commercial coal mining by private companies in a bid to bridge the demand-supply gap, ...
Monday, 15 June 09
SAFRICA'S COAL TERMINAL EXPANSION DELAYED TO Q4
South Africa's Richards Bay Coal Terminal (RBCT) said on Monday the completion of a project to expand the export facility had been delayed to the f ...
Monday, 15 June 09
SHENHUA DENIES GIVING GROUND ON EXPORT COAL PRICE - REUTERS
China Shenhua Energy Co, the country's top coal producer, expects Japanese and South Korean clients to pay at least as much as Chinese customers fo ...
Monday, 15 June 09
POWER PLANT SUFFERS FROM COAL CRISIS - THE STATESMAN
The 3,000 mw NTPC-Kaniha power plant, the second biggest in the country, is facing an unprecedented coal crisis with stocks dipping to a low of only ...
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