Steel Authority of India Limited (NSEI:SAIL) is looking for acquisitions. The company is scouting for mineral asset blocks abroad, including coking coal, limestone and critical minerals such as copper and lithium, after receiving specific instructions to do so from its parent ministry. The company is eyeing geographies such as Africa, the Middle East, Latin America and Southeast Asia.
The company, under the ministry of steel, is exploring acquisitions and partnerships for active and operating mines, or even virgin ones for which pre-feasibility studies that suggest commercial activities can commence. "The ministry's directions to the company are: go out and secure mineral blocks, and not just regular offerings such as coal and iron ore, but limestone, critical minerals and so on," one of the ministry officials cited above said. SAIL has also been asked to look for low-silica limestone blocks while exploring larger supply options from Stevin Rock LLC, one of the world's largest quarrying companies, owned by the government of Ras Al-Khaimah.
Simultaneously, SAIL has been asked to ramp up on its Mozambique coal blocks, prepare a capital expenditure plan, and ensure improved supplies, an executive said.
