RINL to acquire coal and iron ore mines

RINL to acquire coal and iron ore mines

Indian steel producer Rashtriya Ispat Nigam Ltd (RINL) is reportedly planning to acquire captive coal mines in Australia and leases for iron ore mines in Orissa and Chattisgarh. RINL is currently in talks with Orissa and Chattisgarh governments for the leases. The company is also planning to form two or three joint venture coal mines in Australia. The planned investment for iron ore mines is expected to be around Rupees 6 billion ($129.5 million) and for coal mines to be around Rupees 4 billion ($86.3 million). The first phase of the expansion is scheduled to take place in 2005. Through the investments, the company aims to increase its capacity to 6.2 million tons by 2010.