RPG Group buys stake in Australian coal mining company
17 Sep 2010
Source: Deal Curry
RPG Group's Integrated Coal Mining Limited (ICML) has acquired 10% stake in Resource Generation Limited (RG), an Australian coal mining company. An affiliate company of power producer CESC Ltd, ICML has signed an offshore coal procurement contract with RG to purchase 37 million tonne of coal over 20 years from RGL’s Boikarabelo mine in South Africa.
The coal will feed future greenfield projects in Haldia in Bengal and Chandrapura in Maharashtra. CESC Ltd owns around 26% in ICML, while for RG, this is a major step in its plan to establish its Boikarabelo mine as a significant supplier of coal for both export and South Africa’s domestic markets.
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