Mozambique Coal Mining - Boom or Bust for Indial Steelmaker
Posted: 08/20/2012 12:00:00 AM EDT | 0
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Indian steelmaker Jindal Steel will begin operations at its Mozambique coal mine on September 1 2012.
Jindal Steel will join existing operating mines under Vale and Rio Tinto in the country’s coal-rich Tete region.
The southern African country represents the company’s largest overseas operation. Other oversea's operations owned by the company are located in Chile, Bolivia and Indonesia.
Jindal Steel, one of India’s largest steelmakers, will export high-grade coking as well as thermal coal to feed the demand for steel fuelling India’s growth.
Coal deposits in Tete are estimated to feasibly yield 100 million tons of coal a year — making it one of the largest unexploited reserves on the planet.
Until now, extracting coal has proven to be a major challenge in the region as the mines lie 600 kilometres (370 miles) from the sea and local rail infrastructure was fractured during the course of a 16-year civil war.
“Currently we are looking at three million tons per year and will be expanding to 10 million tons,” Jindal Steel’s regional manager Arvind Kuchibhotla told the AFP recently.
Jindal will truck the mineral to the coast while logistics remain a “challenge”, said Kuchibhotla. Further plans also point to the development of a power plant in the area.
Mozambique, once one of the poorest countries in the world, saw its economy grow by 7.3% in the first six months of 2012, mostly on the back of new coal revenue.
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