Orissa firm to buy coal mines in Mozambique

Bhubaneswar: Orissa-based mining company P K Ores plans to acquire coal mines in Tete province of Mozambique. It has registered a new firm, Triveni P K Mining Company, in Mozambique and hopes to acquire the mines soon.

'We have already applied to the ministry of coal and mines of Mozambique for coal mines which may be allotted soon,' Manas Ranjan Das Pattnaik, director, P K Ores said. One of the coal mines is estimated to have reserves of 25 million tonnes.

Though the exact size of the deal will be known after a detailed survey, market sources put the value at more than Rs 100 crore. This will be the first overseas acquisition by the company. At present, it is executing the drilling and survey work for ETA, a Dubai-based company. Similarly, the company is also in talks with the Australian government for acquiring mines there. A senior company official will be visiting the country soon for assessing the investment opportunities in iron ore, coal and diamond.