Coal India to Let Go of 3/4 of Coal License Area in Mozambique

Coal India (NSE:COALINDIA) is planning to give up three quarters of a coal mining license it was previously allotted in Mozambique, Money Control reported. The company determined that it is in its best interest to keep only 54 square kilometers of the 224 square kilometer leasehold area.
As quoted in the publication:

Coal India Africana Limitada, a fully-owned subsidiary of the state-owned firm, was allotted two leasehold licences for extraction of coal of about 224 square kilometre in Tete province of Mozambique.
The company board has approved retaining “54 sq km of leasehold licence area which will be of actual interest with coal bearing horizon occuring within a 500-metre depth and relinquish the remaining 170 sq km area out of total leasehold licence area of 224 sq km”, CIL said in a regulatory filing.

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