Monnet Ispat and Energy Ltd is targeting to buy a majority stake at a coal mine in Colombia. The mine is currently producing 50,000 tonnes of coal and estimated to have 25 mt reserve.
“Coal from the mine is of good quality and comprises both coking and thermal coal,’’ N.C. Jha, CEO (Mining Business) of Monnet Ispat. said.
The company expects to seal the deal in a month. Monnet Ispat is scouting for coal assets overseas to feed its steel plant in India.
Talking about the end use of coal, Jha said the company is reviewing both options — bringing coal to India or selling it in Columbia. Jha did not disclose the company that is operating the mine.