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Article: Mozambique: Tata Steel, Riversdale plan capex for Mozambique development.
- Article from:
- TendersInfo
- Article date:
- November 2, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: pinto03
Tata Steel and Riversdale Mining, Australia, are likely to invest $270 million (approx Rs 1,268.46 crore) for the initial Stage I development of the Benga Coal project in Tete province of Mozambique.
Stage I development is to be funded by Tata Steel and Riversdale in their respective proportions (35:65) from existing cash resources or any other alternative means. Tata Steel owns 19.38 per cent stake in Riversdale through its subsidiary Tata Steel Global Minerals Holdings Pte Ltd.
Currently, Riversdale has Australian $268 million cash to fund its share ($175 million i.e approx Rs 822.15 crore) of the project. Construction is ...