Coal indiaBoth bids were invited recently by Coal India and the interested companies, individually or in consortium, have to submit their bids by Sept. 9 for exploration and Aug. 10 for preparing the environment management report. The tender for exploration of the blocks followed the cancellation of the last bidding process in June. Coal India acquired the two coal blocks in Mozambique with estimated reserves of more than one billion tons in 2009. The company, which is facing hurdles such as delays in environment clearances and problems in land acquisition in increasing local output.
is looking to buy stakes in overseas mines and ship the fossil fuel back home to bridge a rising supply gap, currently estimated at 142 million tons for the fiscal year that ends March 31. With its overseas acquisition plans currently on hold pending certain government approvals, the company is focusing on the early development of the Mozambique reserves. "Coal India is now desirous of carrying out exploration and subsequent development of coal mining in the license areas granted to it," the company said. The company said it expects the exploration activities to be completed within a year from the date of awarding of the contract.
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