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Coal India in talks with US companies to acquire mines | | Kolkata-based Coal India is in talks with Peabody Energy and Massey Energy to acquire mines from the two US companies. Coal India is the world's largest coal miner by production,
and is now aiming to secure coal assets abroad to meet the growing demand in the
country. "Our aim is to get at least 50 million tons of coal per year from overseas
assets in next five to six years," the Wall Street Journal quoted Partha Bhattacharyya,
Coal India Chairman, as saying. "I am hopeful we will be able to finalize the
contracts this year (ending March 31, 2011)," he added. The company reportedly
has a budget of 1.2 billion dollars to buy assets in the US , Indonesia and Australia
. Earlier, in April, Coal India and Peabody Energy had said in a joint statement
that they were in a broad range of preliminary talks to explore long-term coal
supplies and other possible ventures.
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