India looks to global acquisitions to feed hunger for coking coal
Apr 12, 2012 | 06:03 AM
Steel mills and coal producers across India have been queuing up to take up stakes in coking coal projects around the globe.
In the past month, International Coal Ventures – comprised of the Steel Authority of India (Sail), Coal India (CIL), state-owned steel producer Rashtriya Ispat Nigam, power company NTPC and government-controlled mining group NMDC – expressed an interest in buying Aquila Resources’ Washpool project in Queensland.
NMDC is also reportedly in advanced talks to acquire mines in Mozambique and Russia.
Tata Steel is eyeing a coking-coal joint venture in South Africa, while Essar Steel is reportedly looking to acquire mines in Africa.
Indian demand for coking coal is set to increase. With the growth in steel production estimated to rise by 50% over the next five years to keep up with demand, Asia’s third-largest economy would need 83 million tonnes of hard coking coal in 2016, up 70% from 2011’s....
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