Tata Power today said its Russian subsidiary Far Eastern Natural Resources LLC has bagged the mining licence for a thermal coal mine in Kamchatka province in far east Russia.
"The subsidiary participated in the financial auction process at Petropavlovsk, Kamchatka today (on December 22, 2017) and was awarded a license at approximately USD 4.7 million," Tata Power said in a BSE filing.
The Kamchatka project site has been declared as special economic zone and will qualify for various concessions including protection against change of laws.
It said the coal mine has high quality thermal coal reserves of 380 million tonnes, which the company aims to deploy for its facilities in Mundra and Trombay as also sell in far east Asian markets.
The company intends to carry out a detailed exploration and implement the project in a phased manner to reach a stable throughput of 8 to 10 million tonnes per annum, it added.
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