The first shipment of coal mined in Mozambique by the International Coal Ventures Ltd consortium is due arrive to India on 24 November, said CS Verma, chairman of the consortium of Indian state-owned enterprises.
Last July, ICVL, a consortium of the Indian state companies Coal India, Steel Authority of India, National Thermal Power Corporation (NTPC), National Mineral Development Corporation (NMDC) and Rashtriya Ispat Nigam Limited (RINL), signed an agreement to pay US$50 million for a 65 percent stake in the Benga mine and 100 percent of the Zambeze and Tete Oriental mines from Anglo-Australian group Rio Tinto, which had originally paid US$3.7 billion for the assets.
CS Verma also told the Press Trust of India that this initial shipment was sent to the Steel Authority of India, of which he is the president.
Benga, the only one of three mines in operation, produces around 5 million tons of coal per year, with plans to increase to 12 million tons per year.
The International Coal Ventures Ltd consortium was established in 2009 to ensure the long-term supply of raw materials to the steel industry in India.