Indian private-sector producer JSW Steel has entered an agreement to sell its US-based subsidiary Caretta Minerals' coal mines and assets to West Virginia Properties owing to lease termination.
Caretta entered into the agreement on 20 September to sell its property, plant, equipment and mineral rights to West Virginia Properties for a consideration of $24mn, JSW said, adding that mine operations were not economically viable in the absence of a coal mining lease and plant lease.
The firm was operating coal mines and a preparation plant to beneficiate the coal mined through a leasing arrangement from US company Alawest and West Virginia Properties.
JSW operates a 1.5mn t/yr Ohio crude steel plant and 1.2 mn t/yr Baytown plate mill in the US.
