Tuesday, December 26, 2006

SAIL eyeing coal properties in Canada and Australia

Steel Authority of India Limited (SAIL) is about to acquire a 30% strategic stake in Canada-based coal mines, Wolverine Coalfield, owned by the Western Canadian Coal Corporation (WCCC). SAIL has been offered a 20-30% stake in the mines located in North-East British Columbia and is currently negotiating with the WCCC.

SAIL is also eyeing coal properties in Australia, notably, Millennium Coal Mines in Queensland, which has 60 mn tonnes of coal and has offered 5% stake to SAIL, and Anglo Coal, which is yet to make a definite offer. Marcarthur Coal and Tiaro Coalfields, both of Australia, have also made offers to SAIL.

Read The Economic Times article for more details.

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