Bloomberg reported that National Aluminium Company may spend USD 3.8 billion buying a coal mine in Indonesia to secure fuel for its planned power plant in East Kalimantan province.
Mr BL Bagra director of finance at the Bhubaneswar based National Aluminium said that the company is in talks with Indonesian firms.
He said that National Aluminium plans to spend USD 4 billion building an aluminum smelter and a coal fired power plant in East Kalimantan on the Borneo Island in JV. The metal maker is expanding overseas to tap rising demand from automakers and builders in emerging markets and China. National Aluminium which owns 76% of the smelter venture is also looking for a strategic partner for the project.
The statement said that the Indian company is seeking a coal mine with 500 million tonnes of resources that can produce 10 million tonnes annually starting in 2014. Sellers have 30 days to submit offers.
National Aluminium needs 8 million tonnes to 10 million tonnes of coal a year of which about half will be used to feed the East Kalimantan power plant. The company is seeking fuel with an energy value of more than 5,000 kilocalories a kilogram.
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