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Coal India has signed a memorandum of understanding with two Russian entities to cooperate in coking coal mining
in the Far East and the Arctic.
Specifically, Coal India signed the first Memorandum of Understanding with the Russian Far East Investment and Support Export Agency (FEAAISE) to cooperate in coking coal mining activities
in the Russian Far East and the Arctic.
Coal India has signed a second Memorandum of Understanding with the Russian Federation's Eastern Mining Corporation (FEMC) to explore, source, negotiate and refine mutually beneficial investment opportunities
in the mining sector in the Russian Far East.
Over the past few months, Indian coal companies have been looking to acquire coking coal assets
in Russia, Canada and Australia.
In fact, it recently identified four potential coking and semi-coking coal assets, two each in Australia and Canada, for due diligence
.
The assets identified in Australia are mines in which Coal India is considering acquiring a stake, while the assets identified in Canada have completed exploration, acquired land and obtained environmental permits and are ready for production
.
The final decision on the number of shares in each project will be based on a due diligence report
.
It is currently inviting global tender-nominated banks to conduct due diligence
on two identified assets in Australia.
They will provide financial due diligence and transaction advisory services to construct asset-specific investment plans
.
Coal India believes that it may not be able to bridge the overall demand gap for coking coal and high-grade low-ash thermal coal, mainly because of the limited reserves of technical, commercially recoverable coking coal and almost no reserves of high-grade, low-ash thermal coal in the country, which requires overseas acquisition
.
Coal India acquired an exploration block
in Mozambique in August 2009.
After initial exploration, it found that the block did not have a good mass reserve and was later forced to abandon
it.
According to Fitch Solutions Macro Research, an international authoritative consulting firm, India will surpass China as the world's largest importer of coking coal by 2025
.
Coal India has signed a memorandum of understanding with two Russian entities to cooperate in coking coal mining
in the Far East and the Arctic.
Specifically, Coal India signed the first Memorandum of Understanding with the Russian Far East Investment and Support Export Agency (FEAAISE) to cooperate in coking coal mining activities
in the Russian Far East and the Arctic.
Coal India has signed a second Memorandum of Understanding with the Russian Federation's Eastern Mining Corporation (FEMC) to explore, source, negotiate and refine mutually beneficial investment opportunities
in the mining sector in the Russian Far East.
Over the past few months, Indian coal companies have been looking to acquire coking coal assets
in Russia, Canada and Australia.
In fact, it recently identified four potential coking and semi-coking coal assets, two each in Australia and Canada, for due diligence
.
The assets identified in Australia are mines in which Coal India is considering acquiring a stake, while the assets identified in Canada have completed exploration, acquired land and obtained environmental permits and are ready for production
.
The final decision on the number of shares in each project will be based on a due diligence report
.
It is currently inviting global tender-nominated banks to conduct due diligence
on two identified assets in Australia.
They will provide financial due diligence and transaction advisory services to construct asset-specific investment plans
.
Coal India believes that it may not be able to bridge the overall demand gap for coking coal and high-grade low-ash thermal coal, mainly because of the limited reserves of technical, commercially recoverable coking coal and almost no reserves of high-grade, low-ash thermal coal in the country, which requires overseas acquisition
.
Coal India acquired an exploration block
in Mozambique in August 2009.
After initial exploration, it found that the block did not have a good mass reserve and was later forced to abandon
it.
According to Fitch Solutions Macro Research, an international authoritative consulting firm, India will surpass China as the world's largest importer of coking coal by 2025
.
