IMFA buys 70% stake in Indonesian coal mine

Indian Metals and Ferro Alloys (IMFA), one of the largest integrated producers of ferro alloys in India, has acquired 70% stake in a coal mine in Central Kalimantan through its Singapore unit Indmet Mining Pte Limited, The Economic Times Reported.

The report said the mine will be acquired at the cost of $8.75 million and the company will develop the mine, including the necessary infrastructure to make it operational, Prem Khandelwal, IMFA CFO and Company Secretary said, adding that coal at the mine had CV of around 6,000 kcal/kg.(*)