Monnet Ispat and Energy Ltd is planning to acquire majority stake in a 25-million tonne (mt) coal mine in Colombia, according to reports.
Reports stated that this move comes on the heels of the scrapping of Jindal Steel and Power’s $2.1-bn contract to develop the El Mutun iron ore deposit in another South American country, Bolivia.
Monnet had acquired Indonesian coal company PT Sarwa Sembada Karya Bumi in Sumatra for $24 million through its wholly-owned subsidiary, Monnet Global Ltd, in 2010-11, reports said.