Thursday, 03 February 11
Economic Times reported that Mercator Lines, the HK Mittal-controlled shipping-to-mines major, will invest about 200-250 crore (US$ 43.825 - 54.781 million) in developing a coal mine in the Batuah region of Kalimantan province in Indonesia as part of its strategy to increase its presence in the high-margin mining industry.
The Mumbai-based company will invest via a JV with an Indonesian firm PT United Coal to develop the infrastructure for the mining project, while the ownership of the mine will continue to remain with the Indonesian company, said people familiar with the development.
When contacted, chairman H K Mittal said: "We already own four coal mines in Indonesia and are keen to build our ownership here." Total reserves in the Indonesian mines owned by Mercator Lines is about 70 million tonnes and the company plans to raise the total deposits to 100 million tonnes.
Ownership of coal mines in Indonesia and Australia has become a popular trend among the Indian and Chinese companies as they make a beeline to own these resources to feed an ever-growing demand for electricity in their domestic markets.
(1 INR = 0.0219129 USD http://www.xe.com) Source:Economic Times
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