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Sunday, 13 September 09
COAL INDIA MAY ACQUIRE ASSETS OF RIO TINTO


Coal India’s plan to acquire overseas mining assets is gathering steam. After a breakthrough in Mozambique, the coal behemoth has received  offers to buy properties of mining giants Rio Tinto and Hancock in Australia.

Sources close to the development said Rio Tinto and Hancock are considering selling stakes in some thermal coal assets to Coal India. Hancock and Rio are understood to be among a number of Australian miners that have submitted expressions of interest to sell stakes in mines and projects to CIL.

CIL officials refused to divulge details citing confidentiality issues. “We have had a good response from Australia — better than what we had expected,” an official said. Incidentally, CIL has been made a total of 54 offers for acquiring mining assets in Australia, United States, Indonesia and South Africa.

“A team led by coal minister Shriprakash Jaiswal and CIL chairman & MD Partha S Bhattacharyya, along with Coal Videsh officials, was in Australia last week to look for mining assets,” sources said. CIL is setting up an expert committee to evaluate offers for overseas assets, they added.

“There will be a seven-member committee comprising Coal Videsh and other officials. It will be formed in the next 2-3 days. It will submit the report by March. It is not very easy to identify 7-8 mines from 54 offers,” sources said.
Source: Times of India



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Recent News

Thursday, 26 November 09
CIL EYES OVERSEAS ACQUISITIONS TO BRIDGE SUPPLY GAP
Coal Minister Sriprakash Jaiswal on Wednesday said that state-run coal major Coal India is looking to acquire coal blocks in the US and  othe ...


Wednesday, 25 November 09
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Top Philippine electricity producer National Power Corp. (Napocor) said on Wednesday it had cancelled plans to award 715,000 tons in coal supply con ...


Wednesday, 25 November 09
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Wednesday, 25 November 09
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