Tata Steel to Remain as Stakeholder in Riversdale Mining
Riversdale Mining Ltd will see Tata Steel Ltd continue as a major stakeholder. The Indian steel company currently owns a 24% stake in the Australian coal mining company.
The Managing Director of Tata Steel Mr. H. M. Nerurkar spoke to the press on the sidelines of a mining conference when he said that they were sustainable shareholders in the company and would like to remain there.
The Indian steel company needs the coking coal supplies from the mines of Riversdale in Mozambique to facilitate its steel making operations. There was speculation about the firm continuing its interest in Riversdale Mining as Rio Tinto is looking into a takeover of the firm. It has offered the mining company a $3.9 billion deal with a deadline of March 4 this year.
Riversdale Mining Ltd has 13 billion metric tons of coking and thermal coal reserves at two of its projects in Mozambique. These are the Benga and Zambeze coal projects. With the needs for coal growing in India as both steel makers and power companies find their demands growing the companies in India are desperate for coal from any source.
The domestic coal supply has also dwindled recently in view of strict environmental laws creating no go zones for mining in areas that have over 30% forest cover. The complicated process to get a permit in the country and then it getting cancelled for no apparent reason has made companies vary of investing in mines in India and are now looking for sources outside to feed their demand of coal.
Written by
Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.
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