India looks to British Columbia for coking coal with possible equity plays or mine acquisitions
India recently announced that it is exploring options for sourcing coal from British Columbia, including equity participation in assets and acquisition of mines.
The development comes in the wake of Steel Minister Beni Prasad Verma leading a delegation to Canada.
“The delegation held a series of discussions with the coal asset owners and various avenues for sourcing coking coal to India to meet its ever-growing requirement were discussed,” an official statement said.
Verma had detailed talks with British Columbia Premier Christy Clark in Vancouver, according to the statement.
Minister of International Trade Teresa Wat was also present and indicated that in recent years, Indo-Canadian ties were witnessing a new momentum in line with India’s economic growth, it said.
“The delegation had a series of meetings with the government of British Columbia, wherein both the Ministers identified a number of opportunities for mutual cooperation,” it said.
It was acknowledged that India’s steel industry is growing at a fast pace and needs additional quantities of coking coal, which can be sourced from British Columbia, according to the statement.
A Statement of Co-operation was also signed between Rashtriya Ispat Nigam and IC-IMPACTS Centre of Excellence, University of British Columbia.
The objective is to encourage and strengthen ties and potential collaboration for technology development and transfer, network development, research partnerships related to promotion of steel, water conservation and augmentation.
Source: The Hindu Business Line
