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Corporate giants for reviving of mines

Business

Corporate giants like Rio Tinto, ArcelorMittal, Reliance, Sterlite, Essar and JSW Steel have evinced interest in reviving 18 abandoned mines of Coal India.

To a global expression of interest floated by the PSU in September 2008, 12 companies including the aforementioned showed interest.

Among the international metal and mining companies that have given positive response to CIL proposal include Rio Tinto, ArcelorMittal and Titan Mining, Australia.

Domestic firms in the race for reviving the mines, which have estimated coal reserves of 1,647 million tonnes, include Anil Ambani’s Reliance Natural Resources, Monnet Ispat, GVK Power and S&T.

All the 18 mines are spread across West Bengal and Jharkhand and fall under the jurisdictions of Coal India’s subsidiaries like Central Coalfields Ltd, Eastern Coalfields Ltd and Bharat Coking Coal Ltd.

After scrutiny of the received proposals, CIL would finalise tender documents to form individual joint ventures on a competitive basis with each of the companies.

Companies roped in for revival of the abandoned mines would have access to only 50% of the total output from the coal property.

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