It has registered a new firm, Triveni P K Mining Company Ltd, in that country and hopes to acquire the mines under that banner soon.
"We have already applied to the ministry of coal and mines of the Mozambique government for coal mines and it is in final stages", Manas Ranjan Das Pattnaik, director, P K Ores told Business Standard.
The coal mine, that the company is looking for, is estimated to have a reserve of 25 million tonne.
Though the exact size of the deal will be known after the detail survey, market sources put the value at more than Rs 100 crore. This will be the first overseas acquisition by the company. It is executing the drilling and survey work for ETA, a Dubai based company at present.
Similarly, the company is also in talks with the Australian government for acquiring some property there. One of the directors of the company will be shortly visiting Australia for assessing the investment opportunities in iron ore, coal and diamond sectors. Initially, it proposes to take up survey and drilling work there.
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P K Ores recently entered into the Indonesian coking coal market. The company has tied up with PT Krtika Silabumi Mining for taking up mining and selling coal on the basis of royalty at the rate of $ 5 per tonne. The initial investment by the company will be around Rs 9 crore. Besides, it is also looking for some acquisition in Ivory Coast in West Africa.
The company has applied for bauxite, manganese and iron ore mines in Ivory Coast along with SODEMI, a state owned company there. It has also directly applied for some gold, manganese and iron ore mines in that country.
The company achieved a turnover of Rs 60 crore in 2007-08 and targets Rs 250 crore business during the current fiscal. It plans to start iron ore export from Orissa this month jointly with a leading diamond exporter to help achieve the target.
To achieve exports of about 2.5 lakh tonne in 2008-09, the company has decided to put 2 private railway siding at Barabandha (5 km from Paradip) and at Purjungpur in Joda area of Keonjhar district, entailing an investment of Rs 22 crore.
P K Ores has applied the Orissa government for 4 bauxite mines in the Raygada and Koraput district. It has also applied for tin, gemstone, iron ore and granite mines in Orissa. The company is currently operating from Joda and Barbil in Keonjhar district of Orissa.