Aditya Birla in Talks to Buy Colombian Mines Stake for $1 bln - Report-Shanghai Metals Market

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Aditya Birla in Talks to Buy Colombian Mines Stake for $1 bln - Report

Industry News 05:14:22PM Jun 15, 2012 Source:SMM

MUMBAI (Reuters) - Aditya Birla Group is in talks with American thermal coal miner Drummond Company (DRMND.UL) to buy a "significant stake" in its coal mines in Colombia for $1 billion, the Financial Express said in a report.

The telecom-to-cement conglomerate is looking to pick up rights for about 20 percent to 40 percent of the coal produced in these mines, the report quoted a source with direct knowledge of the development.

The conglomerate is looking to strengthen its mining business and utilise coal for its captive power plants to make aluminium in India, the report said.

Aluminium maker Hindalco Industries (HALC.NS), part of the Aditya Birla Group, has been seeking environmental clearance for mining coal at Mahan in Madhya Pradesh state to feed its captive power plant and a new smelter project.

Reuters could not immediately reach a group spokesman for comments.

 

 

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Aditya Birla in Talks to Buy Colombian Mines Stake for $1 bln - Report

Industry News 05:14:22PM Jun 15, 2012 Source:SMM

MUMBAI (Reuters) - Aditya Birla Group is in talks with American thermal coal miner Drummond Company (DRMND.UL) to buy a "significant stake" in its coal mines in Colombia for $1 billion, the Financial Express said in a report.

The telecom-to-cement conglomerate is looking to pick up rights for about 20 percent to 40 percent of the coal produced in these mines, the report quoted a source with direct knowledge of the development.

The conglomerate is looking to strengthen its mining business and utilise coal for its captive power plants to make aluminium in India, the report said.

Aluminium maker Hindalco Industries (HALC.NS), part of the Aditya Birla Group, has been seeking environmental clearance for mining coal at Mahan in Madhya Pradesh state to feed its captive power plant and a new smelter project.

Reuters could not immediately reach a group spokesman for comments.