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17 March, 2018 20:15 IST
Tata Power's arm wins mining license project in Russia
Source: IRIS | 26 Dec, 2017, 10.35AM
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Tata Power announced that its Russian subsidiary, Far Eastern Natural Resources LLC, has been awarded the mining license of a thermal coal mine in Kamchatka province in Far East Russia. The subsidiary participated in financial auction process at Petropavlovsk, Kamchatka, on December 22, 2017 and was awarded the license at approximately USD 4.7 million.

The Kamchatka project site has been declared as a Special Economic Zone and will qualify for various concessions including protection against change of laws. The coal mine has high quality thermal coal reserves of over 380 million tonnes, which the company aims to deploy for its facilities in Mundra and Trombay; as also sell in Far East Asian markets. The venture has also received consents on transfer-pricing issues.

The company intends to carry out detailed exploration to enable it to formulate a mining plan and work out capex outlook to implement the project in a phased manner to reach a stable throughput of 8 to 10 million tonnes per annum.

The company proposes to work with associates, contractors, who are not under any sanctions. The mine project is located close to the coast. The infrastructure comprising haulage road and port facilities shall be developed by the Government through their State budget.

Shares of the company gained Rs 0.7, or 0.75%, to trade at Rs 93.75. The total volume of shares traded was 543,985 at the BSE (10.24 a.m., Tuesday).

Tata Power Company Limited   (Q,N,C,F)*

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