{"id":14292,"date":"2012-09-05T15:46:53","date_gmt":"2012-09-05T13:46:53","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/india-jindal-steel-to-use-coal-for-power-in-africa-after-cic-buy\/"},"modified":"2012-09-05T15:46:53","modified_gmt":"2012-09-05T13:46:53","slug":"india-jindal-steel-to-use-coal-for-power-in-africa-after-cic-buy","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/india-jindal-steel-to-use-coal-for-power-in-africa-after-cic-buy\/","title":{"rendered":"India Jindal Steel to use coal for power in Africa after CIC buy"},"content":{"rendered":"

\t\t<\/span><\/p>\n

MUMBAI, Sept 5<\/span> (Reuters) – India’s Jindal Steel Power Ltd
\n will spend about $100 million over two to three years
\nto develop a coal mine in Botswana that it is acquiring through
\nits purchase of Canada’s CIC Energy Corp, a company
\nofficial said on Wednesday.<\/span><\/p>\n

<\/span><\/p>\n

Jindal agreed to buy the Canadian company in July for $115
\nmillion in cash, mainly for its holding in Mmamabula coal field
\nin Botswana with estimated reserves of 6 billion tonnes.<\/p>\n

<\/span><\/p>\n

“The basic premise of taking the project is the huge
\nopportunity in power business in Africa. Our effort will be to
\nsupply power in the region,” Jindal’s group chief financial
\nofficer Sushil Maroo told reporters in a conference call.<\/p>\n

<\/span><\/p>\n

“At this time, we don’t plan to bring any Botswana coal to
\nIndia,” he added.<\/p>\n

<\/span><\/p>\n

The company expects to start coal production from the South
\nAfrican mines in two to three years and is initially looking to
\nset up a 300 megawatt power plant, which will be scaled up
\nlater.<\/p>\n

<\/span><\/p>\n

Jindal currently operates power plants of 2,298 MW capacity
\nin India and plans to add another 5,000 MW of coal-fired
\ncapacity there. It also operates a 3 million tonnes a year steel
\nplant in its home country.<\/p>\n

<\/span><\/p>\n

It also holds coal mining licences in South Africa and
\nMozambique and is eyeing more coal and iron ore projects in
\nSouth America and Australia to boost its self sufficiency in
\nsteel raw materials.<\/p>\n

<\/span><\/p>\n

Jindal, which last month secured approval from CIC Energy
\nshareholders and the Botswana authorities for the acquisition,
\nwill start the process for delisting the Canadian company within
\na week, Maroo said.<\/p>\n

<\/span><\/p>\n

Shares in Jindal Steel Power closed down 4.9 percent at
\n335.80 rupees in a weak Mumbai market.<\/p>\n

<\/span><\/p>\n

\n

\t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"

MUMBAI, Sept 5 (Reuters) – India’s Jindal Steel Power Ltd will spend about $100 million over two to three years to develop a coal mine in Botswana that it is acquiring through its purchase of Canada’s CIC Energy Corp, a company official said on Wednesday. Jindal agreed to buy the Canadian company in July for […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-14292","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=14292"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14292\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}