CIL May Form JV with Peabody to Develop Australian Coal Mine

18 May 2011 (Last Updated May 18th, 2011 18:30)

Coal India (CIL) is in talks with US-based Peabody Energy to form a joint venture (JV) to develop the $600m Wilkie Creek coal mine in Queensland, Australia. Peabody Energy will hold 85% stake in the JV and the remaining 15% will be held by CIL, reports Business Standard. CIL i

Coal India (CIL) is in talks with US-based Peabody Energy to form a joint venture (JV) to develop the $600m Wilkie Creek coal mine in Queensland, Australia.

Peabody Energy will hold 85% stake in the JV and the remaining 15% will be held by CIL, reports Business Standard.

CIL is also in negotiations with Massey Energy of US and Indonesia's Novem/Sinarma regarding a possible partnership of their respective mining projects in US and Indonesia.

In February, a CIL official said that the firm is likely to buy up to a 15% stake in Peabody Energy's Australian assets in early 2011 to 2012 for an estimated $100m.