Coal India seeks global partners to mine abroad

Coal India seeks global partners to mine abroad

New Delhi: Coal India Ltd is looking for strategic partnership with mining behemoths like BHP Billiton and Rio Tinto to mine coal abroad and has floated an expression of interest (EOI) for the same.

“We are eyeing partnership with global mining firms like Rio Tinto and BHP Billiton to mine coal in a joint venture format in four countries -- South Africa, Indonesia, Australia ... and US," said Coal India chairman P.S. Bhattacharya.

The JVs would be formed by Coal India and not its arm Coal Videsh, he clarified.

When asked about funds for such ventures, Bhattacharya said, “We are sitting on cash reserves of Rs30,000 crore."

When asked about the extent of hike in coal prices the company is seeking from its ministry, he said it is marginal.