Lusaka - Zambia has selected a Singapore-based company, Nava Bharat (Singapore), from ten firms vying for a stake in the country's biggest coal mine, it was announced Wednesday.
The semi-state owned Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) - which owns the Maamba mine - said Nava Bharat, a wholly-owned subsidiary of India-based Nava Bharat Ventures, had been chosen from a total of ten local and foreign firms as its strategic equity and technical partner.
India's Vedanta Resources PLC and London-based energy company Aldwych International were among the unsuccessful bidders.
ZCCM-IH did not stipulate how big Nava Bharat's stake in the mine would be, nor put a value on it.