India’s NLC to zero in on foreign coal asset by November
KOLKATA (miningweekly.com) - India’s Neyveli Lignite Corporation Limited (NLC) would choose one overseas coal asset within the next two months from among the 89 proposals received.
According to a company official, NLC had received an overwhelming response to its expression of interest, floated earlier this year, from foreign coal asset owners seeking joint ventures and long-term coal supply agreements (CSAs).
Without identifying the foreign coal assets, on the grounds of nondisclosure pacts, the official said that all the proposals were from Indonesia, Australia, Mozambique and the US.
While one asset would be identified by November and negotiations initiated immediately, NLC’s target was to secure three overseas assets to supply around 10-million tonnes a year within one year, the official said.
From among the other proposals received, NLC would also look towards concluding long-term CSAs that, together with the acquisitions, would ensure feedstock security to the company’s planned thermal power projects.
The company had already undertaken thermal power projects, with total capacity of 11 000 MW, in the Indian provinces of Tamil Nadu and Uttar Pradesh, which had entailed investments of $3.96-billion.
NLC, which operates predominantly in southern India, has three lignite reserves - Mine I, Mine IA and Mine II, which produce 10.5-million tonnes, 3-million tonnes and 10.5-million tonnes of lignite respectively. The company also operates three lignite-based power plants in southern India with generating capacities of 600 MW, 1 470 MW and 420 MW respectively.
NLC would also invest $7.6-billion to ramp up mining capacity from 28-million tonnes a year to 45-million tonnes a year by 2017.
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