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News Topical, Digital Desk : JSW Steel is developing a coal mine (Minas de Revuboe) in the African country of Mozambique, the company said in a statement. The project will be completed in phases. The mine is located in the Moatize coalfield in Mozambique's Tete province.
The mine has a total coal reserve of 850 million tons, from which 250 million tons of coking coal can be extracted. JSW Steel said it will develop the mine in several phases. The first phase of development is planned to be completed in approximately two and a half years. After this, the mine will be able to produce approximately 2.4 million tons of high-quality coking coal annually.
This project is part of the company's plan to self-source the raw materials needed for steel production. This is expected to ensure a long-term, stable supply of one of the most critical and expensive raw materials used in steel manufacturing. India has very limited reserves of good quality coking coal, making it necessary for Indian steel companies to source coal through their own mines abroad.
JSW share price update
JSW stock has been steadily declining. Last Friday, its stock fell 4%. It has lost 5% so far this year, while it has seen an 11% increase in the past year. JSW's share price is ₹1,119 and its market cap is ₹273,696 crore.
Read More: JSW Steel makes a big bet! 850 million tonnes of coal mine discovered in Africa, plans made
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