JSW Group is in advanced negotiations to acquire a coal mine in Swaziland (Africa) for approximately Rs 1,680 crore. The initiative is expected to significantly ease the supply of coal for its upcoming power projects and in keeping with the government’s decision to allow domestic firms to buy foreign mines.
The company had earlier inked an MoU with the Swaziland government for detailed exploration of coal reserves in the African country. A final approval for prospecting and mining rights will be granted by the mineral management board of Swaziland.
JSW has been carrying out a detailed geological exploration in the Emaswati Colliery (Mpaka Mine) and Maloma anthracite mine, in the eastern part of the country which has a major chunk of the country’s coal reserves estimated to be in excess of one billion tonnes.
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