ICVL Bags “Deal of the Year” Award
New Delhi: ICVL has been conferred with the “Deal of the Year Award” at the recently concluded Mines & Money Hong Kong Conference at a function for its purchase of Rio Tinto’s Coal mines and assets in Mozambique.
The agreement was signed in July 2014 and the takeover of the management of the mine and assets took place in October 2014. The operating mine at Benga has been developed as state-of-the-art facility to produce high quality coking coal for the steel industry.
The main customers of the Benga coal are SAIL, RINL and Tata Steel. Shipments of coking coal have started arriving and the coal is being used in the SAIL and RINL Steel Plants. This acquisition would give the required long term security in supply of coking coal to the steel companies.
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