SAIL

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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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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