Friday, 20 March 2009 12:12

Indian company to invest US$500-million in Botswana’s coal

Indian power generation, transmission and distribution company Torrent Power Ltd [TOPO: Bombay Stock Exchange] has joined a popular move that has seen major corporation vie for Botswana’s coal.
It announced this week that it intends to invest US$500-million in mining and exploring prospects for generating and distributing power in the southern African nation.

Botswana has a vast coal resource, showcased at an international coal investor conference held in Gaborone in June. The government says that the resource is greatly under-exploited, with less than one million tons of coal mined per year.

The Ahmedabad-based Torrent will be the second company to join the rush after CIC Energy, the TSX and BSE-quoted company that is progressing the Mmamabula coal deposits, whose resource is estimated to be approximately 2,3-billion tons.

“We are ready to invest at least US$500-million in the project (in Botswana) as soon as possible,” said Sudhir Mehta, chairman of Torrent.

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