<p>Monnet Ispat and Energy on Wednesday said it is in talks to acquire a coking coal mine in Colombia which may cost it anything between $50-75 million (Rs 277-416 crore).<br /><br /></p>.<p>The proposed acquisition, which would be its second overseas buyout after one in Indonesia, is intended at meeting its captive requirement, Monnet Ispat and Energy CMD Sandeep Jajodia said.<br /><br />"We are in talks with the company [in Colombia]. Talks are going on, we hope to close the deal in about month's time. This is essentially a coking coal mine which we require for our own captive needs," he said.<br /><br />"The mine has proven reserves of 25 million tonnes and some indicative reserves, which need to get proven, which can up to another 25-30 million tonnes. So overall, it could end up having a 50 million tonnes capacity," Jajodia added. About the likely acquisition cost, he said, "It will be about $1-1.5 times of the reserves."</p>
<p>Monnet Ispat and Energy on Wednesday said it is in talks to acquire a coking coal mine in Colombia which may cost it anything between $50-75 million (Rs 277-416 crore).<br /><br /></p>.<p>The proposed acquisition, which would be its second overseas buyout after one in Indonesia, is intended at meeting its captive requirement, Monnet Ispat and Energy CMD Sandeep Jajodia said.<br /><br />"We are in talks with the company [in Colombia]. Talks are going on, we hope to close the deal in about month's time. This is essentially a coking coal mine which we require for our own captive needs," he said.<br /><br />"The mine has proven reserves of 25 million tonnes and some indicative reserves, which need to get proven, which can up to another 25-30 million tonnes. So overall, it could end up having a 50 million tonnes capacity," Jajodia added. About the likely acquisition cost, he said, "It will be about $1-1.5 times of the reserves."</p>