Coal India's Mozambique venture has hit a snag. The company is in the process of cancelling all the three bids received for exploration of its Mozambique block due to a technical glitch and will now invite fresh ones. This is likely to delay commencement of exploration by a few months as the process needs to be started from scratch. Earlier CIL was looking at initiating explorations at its blocks by July this year. There were some issues with respect to the currency in which the bank guarantees were submitted by the bidders. This forced CIL to decide on scrapping the bids and call for fresh ones. Central Mine Planning & Design Institute (CMPDIL), a subsidiary of Coal India, had invited bids from prospective coal reserves explorers during February this year. During May, three parties submitted their financial bids. The companies in the race were Mining Associates, Indu-CBS Joint Venture and Kartikeyan. The final selection was expected to be completed by July.
Coal India Africana (CIAL), a wholly-owned subsidiary of CIL, acquired two coal blocks in Mozambique during August 2009 through a global tender floated by the Government of Mozambique. It acquired A1 and A2 mining blocks in Mozambique's northwestern province of Tete for which it had invited bid from coal reserve explorers. The licence is for further exploration and development of these coal blocks over five years.
It will take about two years for the selected company to complete exploration on the entire stretch of 205 sq km which it has acquired. The first phase of production is likely to start by 2013. CIAL will arrive at the final production targets and the capacity of the mine once it has ascertained the quantum of coal reserves in these blocks. Plans include offloading 15% of CIL's holding in CIAL to an entity nominated by the authorities in Mozambique for its development, once the actual quantum of reserves is ascertained. Rest of the 85% stake will remain with CIL. With an initial estimated reserve of 1 billion tonnes, the coal will be imported to cater to domestic demand from customers in western India. About 20% of the deposits are expected to be coking coal while the remaining is expected to be thermal coal that can be used as fuel in power plants.crackcrack
| Company Name | CMP |
|---|---|
| Coal India | 386.75 |
| NMDC | 214.25 |
| GMDC | 325.75 |
| MOIL | 328.70 |
| Sandur Manganese | 406.20 |
| View more.. | |
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