Wednesday, May 27, 2009

ICVL Close To Acquiring Mozambique Coal Blocks

International Coal Ventures, the special purpose vehicle of five leading PSUs to scout coal properties abroad, is close to acquiring four mining blocks in Mozambique with estimated reserves of 900 million tonnes.

"ICVL is the front runner to acquire the mining assets of Zamdezi Energy Corporation. The bidding date for the blocks was postponed from April 17 to May 22 as the Indian consortium had not got the necessary regulatory approvals to bid for the coking-coal assets,"an official source said.

Of the four blocks, two are unexplored while in the rest, partial drilling has been done, source added.

ICVL, which comprises SAIL, RINL, NMDC, CIL and NTPC as members, is understood to have bid on May 22 to takeover the Mozambique company that possess the mining blocks, another source familiar with the development said.

" ICVL had to seek approval from the Coal Ministry that led to a delay in its bidding for the blocks,"a senior government official said.

The Prime Minister&aposs Office during a review of ICVL had directed its members to acquire virgin thermal coal properties through Coal India&aposs overseas arm Coal Videsh. For acquisition of developed coking coal assets, it was decided that the proposals would be routed through ICVL.

As the coal properties in Mozambique are greenfield, ICVL has sought permission from the Coal Ministry to proceed with the bidding process.

Source: PTI

No comments: