Coal India is reportedly looking to buy coking coal assets in Australia, as the country looks to beef up its foreign coal assets. The state-controlled company is currently zeroing in on Australia and South Africa.
In February the company planned to acquire coking coal assets abroad as India lacked technology to economically develop local reserves, and that a rise in coking coal prices was encouraging for foreign acquisitions.
Further, the company has asked Mozambique if it can explore for coal in a new area, after surrendering two mining licenses in the African country.
Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.