RINL

Mozambique Mining Industry: Coal India quits State consortium exploring coal in the country

Posted on by Mozambique Resources Post

The Coal India Ltd group (CIL) has decided to leave the International Coal Ventures Ltd consortium (ICVL), founded by Indian state companies to acquire and explore coal assets abroad, according to a statement filed with the Mumbai Stock Exchange. In a statement, the group said only that the board of directors had decided to leave the consortium, after previously noting that remaining in that group of companies led only to an increase in cost without…

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Mozambique Mining Industry: Indian acquisition is losing money and the Gov wants it taxed

Posted on by Mozambique Resources Post

The financial director of the Steel Authority of India Limited (SAIL) has revealed the losses currently being borne by the Benga coal operation in Mozambique’s Tete province. Anil Chaudhary reported that Benga’s production costs were $165/t while the current market price was around $130/t, meaning that Benga was losing about $35 on every ton it produced. The Mozambique operation has reserves of 2.6- billion tons, 70% of which is metallurgical coal, used in making steel.

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Mozambique Mining: ICVL aims to triple Benga Mine coal extraction

Posted on by Mozambique Resources Post

India’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.

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Mining Industry: International Coal Ventures Acquisition of Rio Tinto´s Mozambique Coal Assets

Posted on by Mozambique Resources Post

The 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…

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Mozambique Mining: International Coal Ventures team in the country

Posted on by Mozambique Resources Post

A senior level delegation from the International Coal Ventures (ICVL) is currently touring Mozambique to assess some of the coal assets which are currently under its radar for acquisition.

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