17 Oct ICVL builds connection with London based company Anglo American for securing Coal Assests
International Coal Ventures (ICVL), an Indian based company has formed a strategic tie-up with Anglo American, a global leader in mining, for scouting for coking coal properties globally. International Coal Ventures (ICVL) has been set up as a Joint Venture Company with SAIL, CIL, RINL, NMDC and NTPC as the promoter companies for securing metallurgical coal and thermal coal assets in overseas territories. After a very little success ICVL has made in making any acquisitions so far, this move has proven to be of a significant one. Last week, Cynthia Carrol, CEO of the London-based Anglo American, met C S Verma, chairman of SAIL who is also chairman of ICVL, in Delhi. The two discussed areas of mutual cooperation in the mining sector, particularly coking coal. “We are at a preliminary stage of discussion with Anglo American which is a world leader in mining with $30 billion in revenues. They need us and we need them. In due course of time, we hope to enlarge our partnership further,” Verma told Economic Times. On whether SAIL would be interested in joining hands with Anglo, Verma said: “As a steel company we are on the lookout for our future raw material security. We consider ICVL as an arm of SAIL. And, any acquisition we make, has to be through ICVL.” – Economic Times. Earlier, in January 2011, an MoU was signed between India and Indonesia on a processing facility, a steel plant and for building the required mining infrastructure in Borneo island where the mine deposits are located. Later ICVL collaborated with RITES (Rail India Technical and Economic Services) for developing the coal mines in Indonesia and Mozambique. Incidentally, SAIL buys nearly 2.5 million tones of coking coal every year from Anglo American, out of its total imports of 12 million tonnes of coal. Apart from SAIL, Rashtriya Ispat Nigam, other members of ICVL include mining major NMDC and Coal India. Recently, NTPC, an ICVL member, quit the consortium as it said that the group focused more on coking coal.