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Coal India to spend Rs 340 crore in Mozambique coal blocks

11 Jun 2013 Evaluate

Coal India is likely to spend Rs 340 crore in Mozambique, after the encouraging results from the first round of exploration at Mozambique coal blocks. It has placed order with Tribeni Earth Movers, the same company that undertook the first round of exploratory investigation at the block.

This exploration will include drilling another 35,000 metres and it aims to complete the entire process, analyze and ascertain the reserves in about a year and a half. Following that it will apply for all the clearances and appoint a mine developer.

Peers
Company Name CMP
Coal India 411.85
NMDC 74.30
Ashapura Minechem 503.65
Sandur Manganese 183.15
GMDC 491.85
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