Resource News

Riversdale, Tata Approve $270 Million Mozambique Mine (Update1)

 

Oct. 28 (Bloomberg) — Australia’s Riversdale Mining Ltd. and Tata Steel Ltd., India’s biggest producer of the metal, approved development of a $270 million coal mine in Mozambique with first production scheduled for next year.

The first stage of the Benga project will produce an estimated 1.7 million metric tons of coking coal and 300,000 tons of thermal coal for export, Sydney-based Riversdale said today in a statement to the Australian stock exchange. Construction will start by the end of this year, it said.

“We will be supplying the world’s coking coal markets in 2011 initially through our relationship with project partner Tata Steel,” Riversdale Chairman Michael O’Keeffe said in the statement…read more at the Bloomberg

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