JSW Steel has completed the acquisition of coking coal assets in Western Virginia, US, the company said in a statement to the Bombay Stock Exchange, today. JSW Steel had set up a fund worth $ 100 to acquire the asset.
The mines have total resources of 123 million tonnes and the reserves are estimated to be around 45 million tones on part of the area where drilling was already done.
The company said the integration will benefit the company immensely even after factoring the higher freight from US to India.
"The unique feature of this acquisition is it has its railway load out and barge facility while one of the mines is operating. The company applied for new permits to operationalise some of the minds immediately which are expected in the next few months,” the statement added.
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