ICVL to Buy Stake in Mozambique Coal Project for $1bn
India-based International Coal Ventures (ICVL) is considering an option to acquire a 59% stake in Mozambique's Minas de Revuboé for an estimated $1bn from the Talbot Group.
Minas de Revuboé owns the Revuboé coal mining project in Mozambique along with South Korea's Posco, Japan’s Nippon Steel and the Mozambique Government.
The project has estimated reserves of 700Mt of coal.
ICVL was established by five state-owned firms - NTPC, Steel Authority of India (SAIL), Coal India, Rashtriya Ispat Nigam and NMDC - to secure coal assets overseas.
The company has been involved in acquiring coal mining concessions overseas, according to livemint.com.