From Mine Web
Author: Shivom Seth, Friday , 14 Jan 2011
A consortium 5 state-run Indian firms are to meet on January 22 to decide whether or not to pursue a counterbid for Australian-based and listed Riversdale Mining Limited.
ICVL is a public sector special purpose vehicle that has been mandated by the Indian government to buy resource assets abroad and just last month appointed Citigroup to conduct a due diligence exercise, before the bidding process commences
The decision comes in light of Rio Tinto's $3.9bn bid for the company that is focused on coal in Mozambique and South Africa and, in particular because of the 12 billion tonnes of coal Riversdale has in its reserves in Mozambique.
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