The Essar Group has acquired a coal mine in Indonesia for about Rs 900 crore
to fuel its upcoming thermal power projects.
The Aries coal mine in the Kutai region of East Kalimantan has an estimated
resource base of 100 million tonne of thermal coal and mineable reserves of 64
million tonne. The transaction is expected to be closed by April 2010.
The mine had high-quality bituminous coal with a gross calorific value of
6,000, with low ash and low moisture and was suitable for power plants.
Production from the mine is likely to start within a year.
Also See:
Essar
to acquire Trinity Coal (06-Mar-10)