Tuesday, 31 May 2011
Reuters citing sources with direct knowledge of the deal reported that Coal India Limited is in advanced talks to buy up to 40% of Indonesian low grade coal producer Golden Energy Mines for up to USD 1 billion.
A source said that "The due diligence has been going on for some time and will be completed soon and we plan to submit bid by the end of next month.”
Golden Energy Mines aims to raise its output to 10 million tonnes a year of 4,200 to 5,300 kc/kg coal this year from 3 million at its Sumatra and Kalimantan mines.
(Sourced from Reuters)
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