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Tuesday, 13 October 09
INDIA INTERESTED IN AMERICAN COAL

UPI reported that, Coal India Ltd. in its global expansion efforts is now interested in coal properties in the United States.

The Business Standard reported Saturday that CIL's interest in U.S. energy assets follows its activities in acquiring coal sites in Indonesia and Australia and after the company established a fully owned subsidiary in Mozambique for exploration of two coal concessions.

CIL Chairman Partha S. Bhattacharyya commented, "We are negotiating with US coal mining firms. They have responded to our global expressions of interest. The modalities for the partnership are yet to be finalized. CIL may either go for outright purchase of operational coal mines or pick up certain equity in U.S. mining properties.

" While Bhattacharyya declined to provide figures for CIL's import targets, sources speaking off the record remarked that the company aimed to import around 50 million tons of coal annually from various overseas locations by 2016-17 and that consequently CIL had established a $1 billion to 1.5 billion investment fund for purchasing overseas coal assets.
Source: UPI



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