Global Steel acquires coal blocks in Mozambique

Global Steel Holdings, the parent company of Ispat Industries, has acquired two coking coal blocks in Mozambique.

Investment is marked at around Rs.460 crore. Both blocks are spread over a license area of around 30,000 ha, and have proven reserves of 70 mln tpa of coking coal with low to medium ash content. Mining is expected to start within the next three to four years and the Ispat plant at Dolvi near Mumbai could be a direct beneficiary of the Mozambique coal.

Gail signs MoU with Russian firm

Gail (India) and Russian oil & gas firm Itera signed a MoU to consolidate in setting up petrochemical plants and city gas projects in Russia. They will set up CNG projects and explore possibilities for a gas-based petrochemical plant. Both have planned for joint investments in exploration and production of oil & gas in Russia and CIS countries.

ONGC is keen acquiring a stake in Russia's Sakhalin-III and other oil & gas projects in eastern Siberia, while Russian firm Rosneft intends to invest in ONGC's Mangalore LNG plant. ONGC Videsh, has proposed to team up with Rosneft to bid for the giant Sakhalin-III project in Far East Russia. OVL currently holds 20 per cent stake in the 12 mln tpa Sakhalin-I project operated by Exxon Mobil.

Essar Steel to invest $5 billion for slab unit in Brazil

Essar Steel Holdings is developing a 6 mln tpa slab making facility in Brazil at an investment of around $5 billion (Rs.18,500 crore). The proposal was earlier delayed due to environmental issues. Presently, all necessary clearances have been obtained. Essar has placed machinery orders.

Essar Steel also intends to produce hot-rolled and cold-rolled coils in Brazil. It has applied to iron ore mines in Brazil, to use the extract from these mines for its proposed plants in Brazil, Trinidad and Tobago. Construction at the plants will commence within three months.

RAKIA, RMMI sign MoU with Indonesian government

Ras Al Khaimah Investment Authority (RAKIA) and RAK Minerals and Metals Investments (RMMI), signed a MoU with the government of South Sumatra Province, Indonesia, for cooperation in the Tanjung Api-Api Port, Industrial City & Parks with other facilities in the Banyuasin Regency, South Sumatra Province.

The MoU encompasses developing a world class integrated industrial and logistics infrastructure including rail transport corridor, deep-water seaport to handle bulk and container cargoes, an industrial park for metals refining, smelting and metal based fabrication industries, bio technology parks, agro-base industries, captive power plants and supporting infrastructure.

The government will provide land and fast-track the approval and licensing process, facilitate RMMI to get licenses and off-take agreement of natural resources like coal and metallic ores to support the raw material required. The MoU will cover the entire mining-to-export chain of the coal industry. It is expected to benefit India's coal sector and other industrial minerals and metals.

RCF plans JV in South Africa for phosphoric acid, granulation units

Rashtriya Chemical & Fertilisers plans to form a JV with Industrial Development Corporation of South Africa, to set up a phosphoric acid and granulation unit. The JV will supply 6.50 lakh tpa rock, which will be railed to Mozambique, where phosphoric acid will be produced and granulation will occur. Sulphur from Canada and the Middle East, and ammonia from the Middle-East will be procured to process the rock.