July 15, 2008
Australia’s Riversdale Mines Major Coking Coal Reserve in Mozambique, an Industrial Info News Alert
Researched by Industrial Info Resources (Sugar Land, Texas) -- Riversdale Mining Limited (ASX:RIV) (Sydney, Australia) is planning to build a 500-megawatt coal-fired power station in Mozambique. The $2 billion power project will obtain its coal feed from a major coal-mining development being planned in the region by Riversdale. India's Tata Steel (BOM:500470) (Bombay) is a 35% partner in the project, which will be funded by foreign banks and international financial institutions. Riversdale has coal tenements along both banks of the Zambezi River that stretch as far as the south bank of the hydropower lake Cahora Bassa. With the likelihood of more coal deposits in the 280,000 hectares that are unexplored, the tenements could hold more coal than the Maotize area licensed to Brazil's Vale (NYSE:RIO) (Rio de Janeiro, Brazil), which has an estimated reserve of 2.4 billion tons of coal.
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SOURCE: Industrial Info Resources