india eyes coalmines in australia

India eyes coalmines in Australia, coal minister say.

INDIA is looking at acquiring coalmines in Australia, South Africa, the US, Mozambique and Indonesia.
Coal Minister Sriprakash Jaiswal said today that Australia and the other countries were being considered based on factors such as availability of quality coal resources, infrastructure and policies for direct foreign investment in coal mining.

Mr Jaiswal was addressing lawmakers in a written reply in the upper house of Parliament.

Coal India Ltd had acquired two coal blocks in Mozambique through a bidding process, the Minister said.

State-run Coal India, Steel Authority of India, Rashtriya Ispat Nigam and National Mineral Development Corp had formed a special purpose vehicle - International Coal Ventures - to invest in coal resources outside of India to meet the demand of partner companies, the Minister said.

International Coal Ventures has authorised capital of 100 billion rupees ($2bn) and initial paid up capital ofR35bn.

"Both International Coal Ventures and Coal India's foreign venture initiatives are at the initial stage, and it is not possible at this juncture to estimate the total financial implications in this regard," Mr Jaiswal said.

http://www.theaustralian.news.com.au/business/story/0,28124,25808965-5005200,00.html