Jul3, 2011,IANS
MAPUTO: Coal India, one of the world's largest coal miner, has plans to call for fresh bids for exploratory drilling at two coal blocks in Mozambique's Tet province, local media reports said here on Saturday.
The Indian state-run company secured exploration rights at the two blocks at Moatize district of the region last year. It plans to begin exploration work between July and August this year with the mining work to kick off within five years, Xinhua reported.
Coal India targets 10 million tonnes of coal from the two blocks for export to India in 10 years.
According to the media, the blocks are estimated to hold reserves of one billion tonnes of coking and thermal coal.
Coal India is to invest $400 million in the project. The miner has been scouting for overseas assets and supplies to feed rising demand from Indian coal, steel and power firms.
India is to import over 100 million tonnes of coal in the financial year beginning April 1, 2012.
(sourced ET)
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