New Delhi, India — MININGREVIEW.COM — 13 January 2011 – An Indian consortium of five state-run firms will meet on 22 January to decide on a counterbid for Australian based and listed Riversdale Mining Limited, which is focused on coal in Mozambique and South Africa.
This was revealed here by the head of Steel Authority of India “’ one of the consortium members “’ in an address to reporters. International Coal Ventures is a consortium of five Indian state-run companies including Steel Authority of India and Coal India.
Mining giant Rio Tinto made a US$3.5 billion (R24 billion) bid approach for Riversdale last month, setting up a potential takeover battle.
Riversdale is 22% owned by India’s Tata Steel, which also has a 35% stake in its Benga coal project in Mozambique. Benga is projected to produce 20Mtpa of coal by 2013.
Riversdale owns another major project in Mozambique and controls the Zululand Anthracite operation in South Africa.