Tata Steel Subsidiary Increases Stake in Riversdale Mining
07/17/2009 - Tata Steel subsidiary Tata Steel Global Minerals Holdings Pte Limited acquires additional shares in Riversdale Mining Limited, Australia.
Tata Steel subsidiary Tata Steel Global Minerals Holdings Pte Limited has acquired additional shares in Riversdale Mining Limited (RML), Australia. The additional shares, which were acquired through market purchases, take the company’s total holding up to 19.38%.
RML, a mining company listed on the Australian Stock Exchange, has acquired coal exploration tenements in Mozambique, whose combined size is now in excess of 250,000 hectares, in the Tete-Moatize area. In Tete province, the Benga Coal Project is being developed as a joint venture between RML (65%) and Tata Steel Global Minerals Holdings Pte Limited (35%).
Riversdale issued an updated Resource and Reserve statement for the Benga Coal Project in April 2009 that gave an estimated Coal Resource of 4.0 billion tonnes, including 1,033.9 million tonnes of Measured and Indicated Resources, of which 893.4 million tonnes are at a depth of less than 500 meters.
The Project also received approval from the Government of Mozambique for the Mining Contract in April. The Government’s approval establishes the terms governing development and implementation of the Project.
In addition to the Benga Coal Project, RML also owns a 74% stake in Zululand Anthracite Colliery (ZAC), an underground operating anthracite mine located in the Zululand coalfield of northern KwaZulu-Natal province, South Africa.
Tata Steel Global Minerals Holdings Pte Limited is an indirect wholly owned subsidiary of Tata Steel Limited.
Established in 1907, Tata Steel is Asia’s first and India’s largest integrated private sector steel producer. With the acquisition of Corus, the combined enterprise, Tata Steel Limited has a total crude steel production capacity of around 30 million tonnes and over 82,000 employees across four continents. Tata Steel has operations in 27 countries and is the second most globally diversified steel group. Tata Steel commits to its new group vision, “We aspire to be the global benchmark for Value creation and Corporate Social Responsibility”.
