Mr. B Muthuraman, Managing Director, Tata Steel said, "The Memorandum of Understanding with Riversdale is in the Tata Steel's stated strategy of progressing towards raw material security for its global business. This partnership gives Tata Steel an opportunity to jointly explore part of a large coal basin which could prove to be a potential source to meet part of the raw material requirement and enhance the long term competitiveness of the global operations.
Mr. Michael O'Keeffe, The CEO and Chairman of Riversdale said, "The Memorandum of Understanding with Tata Steel is a decisive corporate event for Riversdale and is a definitive recognition of the Moatize Coal Basin as a significant new source of supply of hard coking coal products for the global steel industry. The MOU culminates a lengthy and thorough search for a strong strategic investor. Tata Steel is one of the most dynamic steel companies in the world. Throughout their long history, they have demonstrated consistent ability to thrive across many market cycles. They are an ideal strategic partner for Riversdale, and offer our shareholders the most efficient way to realize value from the development of Riversdale's world class projects."
RIV Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
