The South Africa-based resource firm, Hepzibar Mining is looking for a joint venture partner in India to develop a coal block in Mozambique with eight billion tonne coal reserve.
“We are looking for partners in India who can invest in development of a coal block in Mozambique. About 200 million dollars will be invested in the project,” said Caryn Mpoelang, Director, Hepzibar Mining.
She was here as part of a business delegation which is currently visiting India to explore possible tie-ups with Indian companies.
The members of the delegation also took part in a seminar here on “India- South Africa Economic Cooperation: Promotion of Capital Equipment”, organised by Odisha chapter of Confederation of Indian Industry (CII) in association with Department of Trade and Industry of South Africa.
Mpoelang said, “We are also looking for a joint venture partner to develop a diamond mine in Namibia for which we already have concession agreement”.
It may be noted, the bilateral trade between India and South Africa stood at 14.7 billion dollar in 2011-12. It is likely to touch 18 billion dollar in next three years, said SC Pradhan, Senior Economic Advisor at South African High Commission.
The official projected that the South African GDP is likely to reach 500 billion dollar by 2018 from 400 billion dollar at present.
Emphasising the need for investment in the mining sector, Pradhan said, "Mining giants from India like TATA, Jindal and Essar are predominantly present in South Africa". Urging the Indian investors to partner with South African companies, he said, South Africa promises conducive environment for business with less government intervention.
Besides seeking partners in mines and metals sector, South Africa is also keen for tie-ups with Indian businessmen in sectors like health, IT (information technology), pharmaceutical, boat building, automotive components, engineering, capital equipments, tourism, food processing etc, he said.