Indian Metals & Ferro acquires 70% stake in an Indonesian coal mine

Indian Metals & Ferro Alloys has acquired a 70% stake in an Indonesian coal mine for $8.75 million through its step-down subsidiary incorporated in Singapore. It is not possible to quantify the total reserves at the moment as a detailed assessment is yet to be carried out along with a study of the infrastructure development required to sustain operations and the estimated investment in this regard.

The company is primarily involved in the production of ferro alloys including charge-chrome (high-carbon ferro-chrome), and has an installed furnace capacity of 157 MVA in its two units in Therubali and Choudwar2 districts of Orissa. The company’s operations are supported by a 108 MW captive thermal power plant (at Choudwar) and captive chromite mines.