Icvl Bags Coveted â€œDeal Of The Yearâ€ Award
ICVL has been conferred with the prestigious â€œDeal of the Year Awardâ€ at the recently concluded Mines & Money Hong Kong Conference at a function for its purchase of Rio Tintoâ€™s Coal mines and assets in Mozambique. The agreement was signed in July 2014 and the takeover of the management of the mine and assets took place in October 2014. The operating mine at Benga has been developed as state-of-the-art facility to produce high quality coking coal for the steel industry. The main customers of the Benga coal are SAIL, RINL and Tata Steel. Tata Steel holds 35 per cent equity in the Benga Mine. Shipments of coking coal have started arriving and the coal is being used in the SAIL and RINL Steel Plants. The mine and assets have a coking coal resource of 2.6 billion tonnes.