JSW Steel acquires Coal Mines in Mozambique

JSW Steel Ltd has announced that the Company has entered into a Memorandum of Understanding with a Mozambican party (represented through the constituted attorney), who has been allotted prospecting and exploration license for coal and associated minerals in a plot of land measuring total area of 6900 hectares in the province of Tete, in Mozambique.

As per the terms of this MoU, the Company is permitted to conduct legal and technical (geological) due diligence studies within a period of 28 weeks to conclude the availability of coal, quality of coal and reserve potential etc. Based on the findings of the due diligence studies, the Company has the option to pursue this opportunity further by carrying out detailed exploration studies, preparing mining plans, initiating steps to obtain mining license and there after mining operations.

Source : Equity Bulls

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