Indian consortium struggles to find buyer for Benga coal

Fears have been raised that mining consortium Indian Coal Ventures Limited’s (ICVL’s) strategic objective for its Mozambique coal investments was going awry, as production from the Benga mine have now been earmarked for domestic sales, rather than exports to India. According to an ICVL official, with international coking coal prices below $100/t and freight costs averaging $50/t, there were no Indian takers for Benga coal product, even from the large consumers and importers making up the ICVL.