Dec 22: Tata Group firm Tata Power Company Ltd on Friday 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, today (December 22, 2017) and was awarded the license at approximately $4.7 million,” the company said.
According to the company, 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, it said.
“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,” Tata Power added.
Shares of the company closed trading at Rs 93.05, up 2.25% from the previous closing of Rs 91, on BSE today.