ICVL to buy Rio Tinto's coal assets in Mozambique for $50m

Tags: Companies
State-owned International Coal Ventures Pvt Ltd (ICVL) has signed an agreement to buy Rio Tinto's coal assets in Mozambique for $50 million.

ICVL - a joint venture company of Steel Authority of India, Coal India, Rashtriya Ispat Nigam and NMDC - will buy the Tete East project and the Benga mine, which will give it captive coal mines.

Rio Tinto had bought these assets as part of acquisition of Riversdale Mining Limited in 2011.

The acquisition will be the first of ICVL since its inception in 2009.

"The sale is subject to certain conditions precedent and regulatory approvals. The transaction is expected to close in the third quarter of 2014," Rio Tinto said in a statement today.

During the transition to the new owner, Rio Tinto will continue to manage the mine to the highest safety and environmental standards. Rio Tinto's other assets in the country are unaffected by this transaction, it said.


  • The govt needs to change its mindset and strategies on divestment

    Divestment of public sector units (PSUs) through offer for sale route is one area where the performance of all governments, irrespective of party, had


Stay informed on our latest news!


Sandeep Bamzai

First among equals, always

Might is right is an adage as old as the ...

Zehra Naqvi

When differences fracture the cause

It is precisely the minor differences in people who are ...

Shona Adhikari

Owais Husain searches for a lost homeland

The seventh edition of the Mumbai Public Art Festival (PAF) ...