TATA Steel has said that it has hiked its stake in Australia-based Riversdale Mining to 19.38% by acquiring the latter’s additional shares through market transactions.
"Tata Steel Global Minerals Holdings, an indirect wholly- owned subsidiary of Tata Steel, has acquired additional shares of Riversdale through market purchases taking its total holdings to 19.38%,” the Indian steel major said in a filing to the Bombay Stock Exchange (BSE). The Tata Steel subsidiary already holds an about 15% stake in Riversdale Mining. Riversdale Mining is joint venture partner of Tata Steel for a coal project in Mozambique, where the production is expected to start in 2011.
The Mozambique government awarded a mining contract to Tata Steel JV for the Benga coal project in April this year. Tata Steel has a 35% stake in the JV project besides. The Benga project is likely to yield over 20 million tonnes of dry fuel every year.
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