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ICVL Bids for Stanwell Coal Mine in Queensland |
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Thursday, 26 August 2010 10:26 |
International Coal Ventures Ltd. has bid for the Stanwell mine in Queensland, Australia. According to Indian Express, the cost of the acquisition of the mine having 200 million metric tons (mt) of coal reserves would be around INR 2,500 to INR 3,000 crore.
ICVL was formed in May 2009 jointly by Steel Authority of India Ltd., National Thermal Power Corp., Coal India Ltd., Rashtriya Ispat Nigam Ltd. and National Mineral Development Corp. and has a capital base of about INR 10,000 crore and enjoys the powers of a Navaratna company. While SAIL and CIL hold 28% share each, RINL, NMDC and NTPC hold 14% each. ICVL is seeking to own about 500 million mt of metallurgical coal reserves by 2019-20.
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