Merrill Lynch & Citibank Reported Helping Sell US Coal Mines To India
You can't make up stuff this good. Mortgage derivatives are down the tubes, making easy money scarce. Not to worry. US and Canadian coal mines are a hot commodity for Indian buyers who might benefit from the guidance of skilled bankers and investment analysts.
Faced with an imminent coal shortage of around 200 million tonnes by the end of the 11th Plan, International Coal Ventures Limited (ICVL) - the 5 PSU member SPV- is now scouting for coal assets, properties and mine takeovers in US, Canada and Indonesia. A delegation consisting of the Union minister of state for coal, Santosh Bagrodia and Coal India chairman, Partha S. Bhattacharya was recently in the US looking for such overseas ventures to meet future coal shortages in the country.Among the financial institutions reported to be assisting the prospective coal mine buyers from India are UBS, Merrill Lynch, and Citibank. "The focus was primarily on the swift identification of coal properties and assets...."
Via:The Business Standard, ICVL scouting for takeovers in US, Canada, Indonesia
They probably don't need anyone to tell them...but...mountain-top removal is the way to go. No need "bail out" the water that otherwise might flood the mine. Saves electricity and lowers the climate footprint, too! For some added perspective, here's a quote from the website "Power Of Coal" regarding US energy security:
Our continuous population and economic growth increase the need for more energy. While some forms of energy become less stable on the market, electricity from coal adds to our energy security...Relying on a volatile foreign energy source is risky business and could cripple us again in the future.
We have part of the solution right here in the U.S. Our abundant, domestic coal reserves equal four times the oil of Saudi Arabia, 1.3 times the oil of OPEC and match the world’s total proven oil reserves. U.S. coal reserves are the largest natural resource reserve in the world and it's literally under our feet.
Image credit:Otraco, Surface mine photo excerpt.
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