Tata Steel acquires stake in Riversdale''s Mozambique coal project
04 Jul 2007
Mumbai:
Tata Steel has acquired a 35 per cent stake in Australian
firm Riversdale Mining Ltd.''s coal project in Mozambique
for Australian $100 million (about $85 million).
Tata Steel would now be a strategic investor in the project that is fully owned by Riversdale through its subsidiary, Tata Steel said.
"This
partnership gives Tata Steel an opportunity to jointly
explore part of a large coal basin which could prove to
be a potential source to meet part of the raw material
requirement and enhance the long term competitiveness
of the global operations," B. Muthuraman, managing
director of Tata Steel, said in a statement.
"They (Tata Steel) are an ideal strategic partner for Riversdale, and offer our shareholders the most efficient way to realise value from the development of Riversdale''s world class projects," Michael O''Keeffe, CEO and chairman of Riversdale, added.
Riversdale
Mining Limited, incorporated in 1986, is listed on the
Australian Stock Exchange. Tata steel, which recently
completed acquisition of the Anglo-Dutch steelmaker Corus
Group for about $12 billion, is the world''s sixth largest
steel-maker.
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