Rio Tinto Pulls Plug on Mozambique Coal Venture
Rio Tinto has agreed to sell coal assets it bought through a $4 billion acquisition of Riversdale in 2011 for just $50 million to an Indian joint venture, ending its ill-fated venture in Mozambique's coal sector. The sale of Rio Tinto Coal Mozambique to International Coal Ventures Private Limited (ICVL), includes the Benga coal mine and other projects in Tete province, assets that had a value of $71 million as of March 31 in Rio's books. In 2013, Rio Tinto sacked its chief executive…
Krishnapatnam Now India's Deepest Port
Krishnapatnam Port in its quest to be the best port in India has increased its draft to 17.5 meters. With this measure, the port now shares the honor of being the deepest draft port in India along with another port that’s situated on the east coast of India. The port has 3 cutter suction dredgers and 3 trailer suction dredgers that are continuously working round-the-clock undertaking capital and maintenance dredging. In the next two months, the draft will be increased to 18.5 meters making it the deepest draft port in India and in-time will be increased further.