UK firm looking at India’s iron ore, coal sectors

November 6th, 2008 - 7:57 pm ICT by IANS  

Kolkata, Nov 6 (IANS) London-based mining group Anglo American Plc plans to invest $40 billion across its global operations, including India’s iron ore and coal sectors, a senior company official said here Thursday.”In India, we are interested in business opportunities in minerals like iron ore and coal,” Russell King, chief strategy officer of Anglo American told reporters on the sidelines of Global Mining Summit.

The company opened its India office last year, but has been conducting explorations since the early 1990s in the country, King said.

King said the investment would be made over a period of five to 10 years. He, however, did not give any further details.

“Mining is a long race. We will just look at how we will phase that (the $40-billion investment) out,” he said when asked whether his company was reviewing investments following the economic meltdown.

King said falling metal prices worldwide due to financial crisis was unlikely to hit his company, and added: “Fundamentally, the minerals that we are in are in good positions.”

In the past, Anglo American had looked at minerals like nickel, copper and zinc.

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