NALCO to Acquire an African Coking Coal Mine
NALCO (National Aluminium Company) is planning to acquire a coking coal in an African nation, which is having a bilateral relation with India, said Mr. Ansuman Das, CMD during a seminar organized by Odisha Confederation of Indian Industry (CII).
NEW DELHI (Scrap Monster): NALCO (National Aluminium Company) is planning to acquire a coking coal in an African nation, which is having a bilateral relation with India, said Mr. Ansuman Das, CMD during a seminar organized by Odisha Confederation of Indian Industry (CII).
He added that as they were in the aluminium sector, they are very much interested in acquiring energy assets all across the world. In aluminium sector, about 40 percent of aluminium production profit goes to energy costs and so every aluminium producer seeks to have a captive power generation facility.
The company has been looking for a coking coal facility in foreign nation since 2010. In 2012, company scrapped an investment proposal for developing a Indonesian coking coal mine due to financial problems with its partnering company. The company has also selected a coking coal mines in Odisha.
The Utkal-E coal mine project will start soon. In the last fiscal, due to the shortage of coking coal, the company cut the aluminium production to about 25 percent. The company is also planning to set aluminium unites abroad. Earlier this year, Nalco has met the ambassadors of six countries- Indonesia, Vietnam, Malaysia, Qatar, Oman and Iran to set up overseas smelters in partnership.