Coal India to relinquish 75 per cent of area of Mozambique blocks

State-run miner Coal India will relinquish 75 per cent of the area in the two coal blocks it had acquired in Mozambique about six years ago.

The move follows the local government’s decision to double the charges of holding the blocks, which have so far not yielded any coal worth the effort.

“At a board meeting last week, it was decided that foreign subsidiary of Coal India, Coal India Africana Ltd, will just about keep 54 sq km of the 205 sq km blocks that it had earlier acquired,” a senior coal sector official said on condition of anonymity “The decision was taken following completion of a near three-year exploration programme.”



You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *