News Detail

• State-run NALCO is set to finalise a deal with a miner by next month for supply of coal to its $ 3.8 billion aluminium-cum-power project in Indonesia. "We are looking at a coal mine basically to provide coal to our power and smelter project there (Indonesia). We need 5 MTPA for 25 years. We have zeroed in on one of the five proposals and the Board will take a final decision on it by the end of next month," NALCO CMD B L Bagra told PTI. The aluminium major has plans to set up a 5-MTPA aluminium smelter and a 1,250-MW power plant in Indonesia entailing $ 3.8 billion (about Rs 18,000 crore)investment. The coal mines shortlisted has reserves of about 200 million tonnes (MT), Bagra said.

• Sources said the company has zeroed in on Muara Enim mine in the East Kalimantan district of Indonesia.Bagra said five coal miners had responded to NALCO's bid seeking sourcing of coal for its project, and two of them had fulfilled the criteria. The five firms included MEC Middle East, Pram Dwi Jaya Muara Enim and Bumi Muara Prasada. There is no dearth of financial resources for it as the company has surplus reserves and there was no debt liability, the CMD said. "We have Rs 4,500 crore cash balance. There is no debt liability. We have investment plans lined up for next three-four years. Our investment requirement for 2012-13 is to the tune of Rs 2,200 crore," he said.The Indonesia project will be managed through a special purpose vehicle (SPV), in which the aluminium major will have a controlling stake.

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