Tata Power gets mining license project in Russia worth $4.7 mn

Tata Power on Friday said it has won a mining license in Far East Russia and it aims to deploy the coal mined for its Mundra, Trombay power plants in India. In the release, the company added, it will also look to export to Far East Asian markets.

The company in its statement to BSE said its Russian subsidiary Far Eastern Natural Resources LLC, has been awarded the mining license of a thermal coal mine in Kamchatka province in Far East Russia. The subsidiary was awarded the license for $4.7 million in an auction process.

“The coal mine has high-quality thermal coal reserves of over 380 million tonnes, which the company aims to deploy for its facilities in Mundra and Trombay, as also sell in Far East Asian markets,” the company said in its statement. The company added it will carry out a detailed exploration to formulate a plan and work out a capex plan to implement the project in a phased manner to reach a stable throughput of 8-10 million tonnes per annum.

Read more

Courtesy: Business Standard