NEW DELHI: International Coal Venture (ICVL), a consortium formed by five state-owned companies to buy foreign coal mines, may drop its plans of outright purchase of Australia's Washpoolcoking coal project after its initial bid turned expensive due to falling coking coal prices.
The consortium may instead buy a small stake and team up with the current owner Aquila Resources to implement the project. Washpool is a hard coking coal asset in the Bowen Basin of Queensland, owned by Perth-based Aquila Resources. Media reports in March had said that ICVL had bid A$301 million for the Queensland-based asset.
