Coal news and updates

ICVL invested $50 m in acquiring Rio’s Mozambique assets

September 16: International Coal Ventures Private Limited (ICVL), the joint venture between SAIL, CIL, RINL, NMDC & NTPC, invested $50 million in acquiring Rio Tinto’s operating coal mine and coal assets in Mozambique, Arti Luniya, Executive Director, Coal

Import Group, Steel Authority of India, informed ICMW, while speaking on the sidelines of the 8th Indian Coal Markets Conference in Kolkata, organised by mjunction services limited, HIS McCloskey and the Coal Consumers’ Association of India (CCAI).

ICVL was in the news recently for the above-mentioned takeover. It may be recalled that Rio Tinto had acquired these assets from Riversdale Mining in 2011. Since then, the coal mine at Benga has come to production. It has reserves of both prime hard coking coal and thermal coal.

The assets have reserves worth 2.6 billion tons.