ICVL receives 2 proposal of coal mines in Indonesia

International Coal Ventures Ltd (ICVL), a consortium of Indian state-run firms with the mandate to acquire coal assets abroad has received two proposals of thermal coal mines in Indonesia and is also examining a coal asset in Mozambique, Indiatimes.com reported.

ICVL in its presentation to Coal India Ltd (CIL) said that "two promising proposals of thermal coal operating mines (in Indonesia) were received recently" by the consortium.

ICVL is a consortium of SAIL, Coal India, NTPC, NMDC and Rashtriya Ispat Nigam Ltd (RINL).

ICVL further said that the details of the mines in Indonesia were "being obtained for passing on to CIL".

"ICVL is also currently examining a promising asset adjoining Riversdale (Canada) stated to have the Chipanga Seam (that predominantly comprises coking coal)," it said.

CIL had earlier stated that it would take a decision on continuing its association with ICVL after the consortium makes a presentation before CIL board.

Elaborating on its acquisitions initiatives, ICVL said that due diligence has already commenced for three operating coal mines in the US with the intent of forging joint ventures.

ICVL had earlier requested CIL to continue as a consortium member.

In May, Coal India - which is among the two largest shareholders of ICVL with a stake of 28 percent - had said that it intends to quit the PSU consortium.

The company felt that continuing with ICVL only involved financial burden without commensurate advantage and had informed the Coal Ministry about its intention to exit. (*)