SAIL has signed an MoU with Oman Oil Company to jointly set up three million tpa gas based steel plant in Oman at an investment of Rs 15,000 crore. The final agreement to this effect is likely to be signed soon. The plant is expected to be completed in three years from the date of signing of the final agreement. Currently, SAIL is in the process of finalising the feasibility report. The plant will use gas based DRI (Direct Reduced Iron) technology for making both, flat and long products. Besides, SAIL has signed an MoU with the Indonesia Government and is holding discussions with the governments in Mongolia, South Africa and Oman for setting up a three million tpa steel plant in each of the four countries, involving an investment of $12 billion (approx Rs 58,800 crore). Also, SAIL is holding discussion with the USA Government for acquiring coking coal assets in Virginia as part of its efforts to own resources and control costs. The negotiations may also facilitate the business between ICVL and small and medium mining companies in Virginia by forming JV, besides exploring opportunities for greenfield locations. Virginia produces over 24 million tpa of coal.

This apart, Adani Mining has sought regulatory approval for a new coal terminal at Abbot Point in Queensland, Australia. The company is planning a coal mining project with allied infrastructure, the Carmichael coal mine and rail project, with a planned 60 million tpa peak production in 2022. For evacuation of our coal, Adani is contemplating various port options, including a greenfield terminal at Dudgeon Point and also the possibility of expansion of the Abbot Point Coal Terminal. The proposed terminal will be located next to the existing X50 Abbot Point coal terminal, which the Queensland Government leased to Adani Port & SEZ for 99 years in an Australian $2 billion (approx Rs 10,240 crore) deal in early 2011. The project is to be developed in two stages - Stage I construction works are slated to commence in 2013, with 25 million tpa of coal being exported from two stockpiles and one berth in 2014; Stage II is to be constructed between 2017 and 2020, and provide for a third stockpile and a second berth. Stage II is expected to commence operations in 2020 and provide a total throughput of 35 million tpa through this terminal.