Coal India in talks with US companies to acquire mines

KOLKATA - Kolkata-based Coal India is in talks with Peabody Energy and Massey Energy to acquire mines from the two US companies.

Coal India is the world’s largest coal miner by production, and is now aiming to secure coal assets abroad to meet the growing demand in the country.

“Our aim is to get at least 50 million tons of coal per year from overseas assets in next five to six years,” the Wall Street Journal quoted Partha Bhattacharyya, Coal India Chairman, as saying.

“I am hopeful we will be able to finalize the contracts this year (ending March 31, 2011),” he added.

The company reportedly has a budget of 1.2 billion dollars to buy assets in the US, Indonesia and Australia.

Earlier, in April, Coal India and Peabody Energy had said in a joint statement that they were in a broad range of preliminary talks to explore long-term coal supplies and other possible ventures. (ANI)