ICVL explores strategic partnership with Anglo American

International Coal Ventures (ICVL), a special purpose vehicle formed by five leading PSUs to scout for assets abroad, is exploring possibilities of a tie-up with the UK-based mining major Anglo American to ensure raw material security, SAIL said.

ICVL Chairman CS Verma met Anglo American CEO Cynthia Carroll to identify areas of mutual cooperation in the mining sector, particularly in coking coal, SAIL said in a statement.

“It was decided at the meeting to set up a joint task force of senior ICVL and Anglo American officials to chart out a definite course of action for implementation,” it added.

At the meeting, Verma highlighted the benefits of mutual cooperation between ICVL and Anglo American, and expressed keenness to further their association, it said.

ICVL was incorporated in 2009 as a joint venture of five PSUs -- SAIL, Coal India, RINL, NMDC and NTPC. SAIL and CIL hold 28% stake each, while RINL, NMDC and NTPC have 14% stake each.

Anglo American is one of the world's largest mining companies focusing on platinum group metals, diamonds, copper, nickel, iron ore, metallurgical and thermal coal.