India and Australia on Monday formed a sub-group to prepare a roadmap that would look into ways in providing cheap LNG for power plants in the south Asian country. Advertisements
India’s International Coal Ventures Limited (ICVL) will invest $500-million to build infrastructure and logistics to support mining at its newly acquired coal blocks in Mozambique. The investments would be made over the next two to three years, as ICVL’s coal blocks would need supporting infrastructure for optimal mining production, including a 500 km railway network connecting pitheads to ports and roads for evacuation of production from the mines, a senior company official said.
Read MoreIndia’s International Coal Ventures Private Limited (ICVL) group, which acquired coal assets of the Anglo-Australian Rio Tinto group in Mozambique, aims to triple output at the Benga open-pit mine in Tete province within three years, the group’s chairman said.
Read MoreThe Times of India reported that International Coal Ventures (ICVL) has acquired Rio Tinto’s (NYSE:RIO) coal assets in Mozambique. The move represents a major acquisition for the coal sector. As quoted in the publication: IVCL, a joint venture of SAIL, CIL, RINL, NMDC & NTPC, had been scouting for coal assets abroad since its inception in 2009 but had failed to clinch a deal so far. With the new takeover, the steel majors will not run…
Read MoreA group of Indian state-run metal and mining companies is planning to buy three of Rio Tinto’s coal mines in Mozambique for around $US108 million ($114.7m), said people familiar with the negotiations.
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