ICVL finalises takeover of Rio Tinto's mine in Mozambique.

In a major acquisition of coking coal and thermal coal mines and assets overseas by Indian companies, International Coal Ventures Pvt. Ltd. (ICVL) the joint venture of SAIL, CIL, RINL, NMDC & NTPC finalized the takeover of Rio Tinto's operating coal mine and coal assets in Mozambique.

These coal mine and assets were acquired by Rio Tinto from Riversdale Mining Ltd. in 2011. Since then, the coal mine at Benga in Mozambique has been brought to production. The mine produces prime hard coking coal and thermal coal.

The agreement for acquisition has already been signed. Investec Bank PLC, London was the financial advisor to ICVL in this acquisition according to an ICVL release.

Hindu