| Tata Steel Global Minerals Holdings Pte Ltd, an indirect wholly owned subsidiary of Tata Steel Ltd has today acquired additional shares of Riversdale Mining Ltd, Australia through market purchases taking its total holding to 19.38%. Riversdale Mining Ltd (RML) is a mining Company listed on the Australian Stock Exchange (ASX).
RML has acquired coal exploration tenements in Mozambique with the combined tenement size now in excess of 250,000 hectares in the Tete-Moatize area. Within the Tete province, the Benga Coal Project is being developed as a joint venture between Riversdale Mining Ltd (65%) and Tata Steel Global Minerals Holdings Pte Ltd (35%). In April 2009, Riversdale announced an updated Resource and Reserve statement for the Benga Coal Project- an estimated Coal Resource of 4.0 billion tonnes including 1,033.9 million tonnes of Measured and Indicated Resources with 893.4 Mt of these at a depth of less than 500m. The Benga Coal Project received in April 2009 approval from the Government of the Republic of Mozambique for the mining contract. RML also owns a 74% in Zululand Anthracite Colliery (ZAC), an operating underground anthracite mine located in the Zululand coalfield of northern Kwa-Zulu Natal, South Africa. The stock closed the day at Rs.385.10, up by Rs.4.90 or 1.29%. The stock hit an intraday high of Rs.404.30 and low of Rs.380. The total traded quantity was 5628059 compared to 2 week average of 4049585. | |
| Source: Equity Bulls |