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ICVL Plans to Double Supplies to SAIL & RINL

Steel News - Published on Fri, 23 Aug 2019

Image Source: ICVL
International Coal Ventures Ltd proposes to almost double the supply of coal from Mozambique to meet the targeted 10% requirement of Steel Authority of India Ltd and Rashtriya Ispat Nigam Ltd. ICVL was set up in 2009 as a joint venture company of SAIL, RINL, Coal India Ltd, National Mineral Development Corporation and NTPC Ltd. It aims to secure metallurgical and thermal coal assets in overseas territories.

SAIL told BusinessLine that “The mining from these overseas assets (in Mozambique) are gradually being enhanced. In 2018-19, ICVL exported around 1 million tonne of met coal to SAIL and RINL and that was around 6 per cent of the total requirement of SAIL. However, in 2019-20, ICVL plans to raise production to reach the rate of fulfilling 10 per cent of the requirements of SAIL and RINL.”

SAIL added that the company was also tasked to own about 500 mt of met coal reserves by FY20. “ICVL has acquired coal mines and assets in Mozambique with met coal reserves of more than 500 mt. Hence the target has been achieved. Moreover, various expansion plans are on the anvil in some of the acquired mines to augment the existing processing capacity.”

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Posted By : Sanju Moirangthem on Fri, 23 Aug 2019
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