ICVL showed interest in Riversdale Mining coal mines

October 17
2:07 PM 2013

The International Coal Ventures Ltd had indicated its interests in the puchasing the Rio Tinto owned Riversdale Mining coal operations located in Mozambique. IVCL consists of state run firms that was created to purchase coal blocks located overseas back in 2009.

The said interest in purchasing the coal blocks located overseas, especially of the Africa focused mining conglomerate was confirmed by a source in the Ministry of Steel who told PTI. 

According to the source, "ICVL has registered its interest for participation/bilateral discussion as an interested purchaser or an equity holder in the project."

Rio Tinto took over Riversdale Mining back in 2011 after paying out USD4 billion. It had bought out Tata Steel's 24% shareholdings and Brazil's Companhia Siderurgica Nacional's 19.35% interest.  After the decline of the values of the coal properties, Rio Tinto had written down the valuation of Riversdale Mining by USD3.3 billion and is proposing the complete divestment of assets if does not become a viable resource.

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