Sunday, May 28, 2023

Monnet Ispat likely to acquire majority stake in Colombia coal mine

Monnet Ispat and Energy Ltd is targeting to buy a majority stake at a coal mine in Colombia. The mine is currently producing 50,000 tonnes of coal and estimated to have 25 mt reserve.

With its 69,000 hectares, Cerrejon, in the north of Colombia, is the world’s largest open-pit coal mine. The output of the mine in 2009 was 30.3 million tons, almost half of Colombia’s coal exports of 73.1 million tons, mainly to the U.S and China. Colombia is Latin America’s main coal producer and fourth globally. Image by Lorenzo Morales. Colombia, 2011.

“Coal from the mine is of good quality and comprises both coking and thermal coal,’’ N.C. Jha, CEO (Mining Business) of Monnet Ispat. said.

The company expects to seal the deal in a month. Monnet Ispat is scouting for coal assets overseas to feed its steel plant in India.

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Talking about the end use of coal, Jha said the company is reviewing both options — bringing coal to India or selling it in Columbia. Jha did not disclose the company that is operating the mine.

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