Coal India Sets Aside $6.5 Billion to Buy Overseas Mine Assets

Coal India Ltd., the world’s biggest producer of the fuel, has set aside 350 billion rupees ($6.5 billion) to buy and develop mines overseas over the next five years to bolster domestic supplies.

The state-owned company plans to spend 100 billion rupees on exploration and building logistics infrastructure in Mozambique, junior coal minister Pratik Prakashbapu Patil said in a written reply today to parliament questions. Coal India has prospecting rights for two blocks in Mozambique’s Tete province. It will spend 250 billion rupees to buy assets in countries including the U.S., South Africa, Indonesia, Australia and Colombia, the minister said.