Looking goodThe coalminer Riversdale Mining has projects in...

Looking good
The coalminer Riversdale Mining has projects in Mozambique and a mine in South Africa.

Its Mozambique properties are right next to a $US1.2 billion mine being developed by Brazil's Vale (formerly CVRD).

Last month Riversdale finalised an $100 million agreement with India's Tata Steel that gives Tata a 35 per cent interest in two of Riversdale's Mozambique coal licences and a share of 40 per cent of the coking coal offtake. Riversdale has already firmed up a 1.2 billion tonne inferred resource at the Benga project that is covered by the joint venture, and 720 million tonnes of the resource could be mined by open-cut methods. Given the rising demand for coking coal, expected to settle at record prices next year, Riversdale's position looks enviable.

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