Indian company analyses potential acquisition of coal asset in Mozambique

13 June 2011

New Delhi, India, 13 June – Indian state company International Coal Ventures Pvt. Ltd. (ICVL) is analysing the potential acquisition of a 59 percent stake in Mozambican mining company, Minas do Revuboé, which owns the Revuboé coal mine, for US$1 billion, the Indian press reported.

The stake is currently owned by Australia’s Talbot Group, which manages Minas do Revuboé, whose mines have estimated coal reserves of 700 million tons.

The company’s remaining shareholders are South Korean steelmaker Posco, Japan’s Nippon Steel, with 33.3 percent and the Mozambican government.

Cited by a New Delhi newspaper, an ICVL executive said that the Talbot Group’s position was for sale, “and we are analysing our interest in presenting a non-binding proposal.”

ICVL was set up by five Indian state companies – NTPC Ltd, Ltd, Steel Authority of India Ltd (SAIL), Coal India Ltd, Rashtriya Ispat Nigam Ltd e NMDC Ltd – in order to acquire foreign coal assets. (macauhub)