Jindal Poly Films Ltd's subsidiary Jindal Resources (Mozambique) Limitada has participated in the tenders issued by Ministry of Mineral Resources, Government of Mozambique for auction of coal blocks for geological prospecting and exploration of coal in Mozambique.
The company has been allotted Block-2 situated in Moatize district, Tete Province. The license covers an area of 1,480 hectares, which may have a potential to contain a resource of 150 million tons of coal including coking/thermal coal.
The nearest rail head and coal loading station in Moatize is in the west of the license area. The Moatize rail head is connected to Beira port by railways.
In addition, Jindal Metal and Mining Ltd, a wholly owned subsidiary of Jindal Poly Films Ltd has entered into a joint venture agreement with a Mozambique entrepreneur for prospecting, exploration and mining of coal. The exploration license is situated around 80km south west of Tete town in Changara district, Tete Province. The license may have a potential to contain a resource of 300 millon tons of coal including coking/thermal coal.
On Friday, Jindal Poly Films ended 2.15% down at Rs547.70 on the Bombay Stock Exchange, while the benchmark Sensex closed 2.44% down at 19,691.81 points.
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