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Sunday, 16 May 10
THREE FIRMS SHORTLISTED FOR CIL'S $ 2BN OVERSEAS PROJECTS - ECONOMIC TIMES


Economic Times reported that, State-owned Coal India Ltd (CIL) has shortlisted US firms Massey Energy and Peabody Energy, besides Indonesian Novem/Sinarma, for a possible partnership to take forward the about USD 2 billion (over Rs 9,000 crore) overseas ventures.

The world's largest coal producer will soon start due diligence at five mining assets of the global firms, spread across Australia, Indonesia and the United States.

CIL chairman Partha S Bhattacharyya had already named Peabody Energy as one of the shortlisted firms, out of the 59 proposals it received from global firms for its Expression of Interest. The navratna firm is currently considering equity buyouts and joint venture mining with these firms.

"A team of two CIL officials will undertake due diligence of mining assets of the Massey Energy Company in US, Peabody Energy in Australia, and Novem/Sinarma in Indonesia. They are expected to leave shortly," a senior Coal Ministry official told PTI.

The team is expected to visit Peabody Energy's Metropolitan Under Ground Mine and Wilkie Creek Mine in Australia; Novem/Sinarma's Borneo Inclobana and G 3 mines in Indonesia and Massey Energy Company's Sidney Underground Mines in the US.

CIL will finalise "at least" one deal in the next few months, the official said.

"CIL has already appointed merchant bankers and technical consultants for the proposed JV projects," another official in the know of the development said. CIL, which is sitting on a cash pile of over Rs 30,000 crore (US$ 6.629 billion), does not need to raise funds for its growth projects. (1 INR = 0.0220994 USD). To Read More Economic Times



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Recent News

Thursday, 29 April 10
KANGAROO RESOURCES INKS KEY COAL EXPORT CONTRACT WITH YUDEAN FARNON - PROACTIVE INVESTORS
Proactive Investors reprted that, Kangaroo Resources has secured an initial export sales contract for coal from the company’s operating coal p ...


Wednesday, 28 April 10
UNITED TRACTORS FOCUSES ON MINING AS IT SEEKS TO DIVERSIFY REVENUE SOURCES - JG
The Jakarta globe reported that, PT United Tractors, Indonesia’s biggest heavy-equipment distributor and mining contractor, aims to have its m ...


Wednesday, 28 April 10
DRY BULK MARKET
After a prolonged period of anticipation and a stalled dry bulk market in terms of freight rates, the industry’s benchmark, the Baltic Dry Ind ...


Tuesday, 27 April 10
CAPESIZES UP, PANAMAXES DOWN - BRS
It was Capesizes up, Panamaxes down this week as the latter experienced a correction after its recent gains. Period rates for Panamaxes remain firm ...


Tuesday, 27 April 10
S.KOREA EWP SEEKS 0.520 MILLION TONS OF SUB-BITUMINOUS COAL
COALspot.com: South Korea East West Power Company has called for term bids for supply of Sub-bituminous Coal for Dangjin Thermal Power Pla ...


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