Coal news and updates

SCCL considering JV offers from 15 overseas miners

India Coal Market Watch

December 14: Singareni Collieries Company Ltd (SCCL) is considering all the 15 offers it has received from overseas miners for the proposed joint ventures to acquire coal properties abroad, a senior official told ICMW.

“We have not made a list of shortlisted candidates. We have not said ‘no’ to any of them, but our discussions will be held in phases,” the official said.

He said that one round of talks has been held and a second round will be held in due course to further clarify on information provided by interested parties.

“We will hold a second round of talks. This will be followed by an internal meeting where a final decision on the matter will be taken,” the official said.

While asserting that SCCL has “not backed out” from the proposed overseas mine acquisition, he said, “It is difficult to give a timeline by when the acquisitions will be made.”

He, however, added that the company was not in a hurry and one should not expect any deal to be finalised within the current financial year (March 2016).

SCCL had received 15 offers from six countries – Indonesia, Australia, South Africa, Mozambique, Botswana, Namibia and the US – and had planned to shortlist a few of them.
 
The Indian miner intends to secure its thermal coal requirements by acquiring coal assets abroad by forming joint ventures with coal mining companies, through equity stakes in coal mining companies, or by “any other acceptable means”.