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JSW Steel has overcome a major hurdle in its Rs 6.2 billion acquisition of the Minas de Revuboe (MdR) coal mine in Mozambique. The mining lease, earlier cancelled by the former administration, has now been reinstated by President Daniel Chapo鈥檚 government.

Owned by Australia鈥檚 Talbot Group Investments Pty Ltd, MdR had faced a setback when the previous President, Filipe Nyusi, revoked its lease. Talbot Group challenged the move legally and through arbitration. On 15th April, the cabinet reversed the cancellation, and Mozambique鈥檚 natural resources database confirmed the concession鈥檚 reinstatement last week.

JSW Steel, led by Sajjan Jindal, had announced the deal in May last year. The company extended the closure timeline by five months in January, citing the change in leadership. By February, JSW confirmed it was still committed to the acquisition.

MdR holds an estimated 280 million tonnes of high-grade coking coal. JSW鈥檚 Managing Director and Chief Executive Officer Jayant Acharya stated the mine has reserves exceeding 800 million tonnes, including 270 million tonnes of prime coal, which is vital for steelmaking. The project鈥檚 proximity to India is expected to help reduce import costs and limit exposure to volatile coal pricing.

Source: Outlook Business