ICVL to build power plant

INTERNATIONAL Coal Ventures (ICVL), the Indian group that bought Rio Tinto Group’s coal-mining assets in Mozambique for $50 million (R555m) this year, plans to build a power plant in the country. The coal-fired facility would be developed “very soon”, Ajay Mathur, the chief executive, said on Monday, without giving details of its size. ICVL was already exporting coking coal for steelmaking from Mozambique, he said. The power plant will use “some of the thermal coal and waste product to generate power locally”. The planned plant at the Benga asset will be one of a number of power projects proposed for the northwestern province of Tete, home to the country’s richest coal deposits and the 2 075 megawatt Cahora Bassa dam and hydroelectric plant, which also supplies South Africa, Zimbabwe and Zambia. – Bloomberg