International Coal Ventures Ltd (ICVL) proposes to almost double the supply of coal from Mozambique to meet the targeted 10 per cent requirement of Steel Authority of India Ltd (SAIL) and Rashtriya Ispat Nigam Ltd (RINL).
“The mining from these overseas assets (in Mozambique) are gradually being enhanced. In 2018-19, ICVL exported around 1 million tonne of met coal to SAIL and RINL and that was around 6 per cent of the total requirement of SAIL. However, in 2019-20, ICVL plans to raise production to reach the rate of fulfilling 10 per cent of the requirements of SAIL and RINL,” SAIL told BusinessLine in response to emailed queries.
ICVL was set up in 2009 as a joint venture company of SAIL, RINL, Coal India Ltd, National Mineral Development Corporation (NMDC) and NTPC Ltd. It aims to secure metallurgical and thermal coal assets in overseas territories.
