Southern Ispat sets to acquire Indonesian coal mine
Tuesday, March 23 2010 - 03:28 AM WIB
Indian firm Southern Ispat is planning to acquire a coal mine in Indonesia, which production would be used in its sponge iron plant and power plant.
The Company?s Chairman and Managing Director Vivek Agarwal that after considering various proposals and holding negotiations in a number of coal companies one coal company with expected reserves of 14 million tonnes have been short-listed for acquisition.
Agarwal said that the Company will acquire 95 percent stake at the coal mine with the cost of around US$6.5 million.
The Company did not give the mine?s location. (alex)