Mining by Steel PSUS in Foreign Countries

The Minister of State for Steel and Mines, Shri Vishnu Deo Sai has said that International Coal Ventures Private Limited (ICVL) which is a Joint Venture Company has acquired an operating coal mine and Greenfield coal assets in Mozambique on 07/10/2014 with a view to have long term security of supply of coking coal for the steel companies. The acquisition has been funded by equity contribution from Steel Authority of India Limited (SAIL), National Mineral Development Corporation (NMDC) and Rashtriya Ispat Nigam Limited (RINL) to the ICVL. The coal mine produces metallurgical coking coal which is used by the steel companies as a raw material. Presently, SAIL and RINL are the main consumers of coking coal.