ICVL wins Coveted Platts ‘Deal of the Year’ award 2015
International Coal Ventures Pvt Ltd. (ICVL) bagged the prestigious ‘Platts Deal of the Year’ award, in a glittering ceremony, 2015 Platts Global Metal Awards, held in London, on May 21. ICVL received the award for its landmark acquisition of an operating coking coal mine and green field coal assets in Mozambique from Rio Tinto. The acquisition was made for US$ 50 million for a 2.6 billion tonne coal resource on October 07, 2014.
The current acquisition of an operating coal mine and coal assets in Mozambique from Rio Tinto comes at a time when all major steel companies are enhancing their steel making capacities to meet the target of 300 million tonne per year by 2025. The capacity expansion will see a quantum jump in requirement of coking coal to the tune 125 million tonnes per year from the current level of around 35 million tonne .ICVL has been scouting for acquiring coal mines & assets in overseas geographies since its incorporation. The acquisition made by ICVL is a result of strategic and visionary leadership and team effort of the company along with its advisors. ICVL has been a worthy winner of the coveted “deal of the year award of 2015 Global Metals Platts award” for its acquisition at a competitive valuation from Rio Tinto of Mozambique coal assets, which has been the most talked about overseas M&A transaction in recent times in the global coal mining space. Rio Tinto had earlier, in 2010-11, paid Riversdale US$ 4 billion for acquiring these assets.