New Delhi, Feb. 14 (PTI): Sajjan Jindal-led JSW Steel today said it was evaluating proposals to acquire coal mines overseas to meet its long-term requirement and hedge against the surging prices of the dry fuel.

“We have been looking for coal mines acquisition in Australia, America and Africa. We are currently evaluating some proposals, though nothing has been finalised yet,” JSW Steel joint managing director M.V.S. Seshagiri Rao said.

“However, it might take some time to take a final call since the viability of the target mines has to be seen before going in for an acquisition,” he said.

JSW Steel had received a setback in Mozambique as the blocks, for which mining concessions were granted to it, were found to be unviable for steel making.

The initial survey of these mines revealed that the ash content was around 60 per cent.

“We will go for coal mines having reserves in the range of 10 million tonnes to one billion tonnes,” he said.

JSW Steel currently imports its entire coal requirement of 4.5 million tonnes per annum mainly from Australia to feed its Bellary steel plant in Karnataka. The plant has 6.8 million tonnes per annum steel making capacity.

However, JSW Steel’s demand for coal is set to go up further as it will increase the installed capacity at the plant to 10 million tonnes per annum by March 2011.

The price of coking coal is on the rise with the revival of steel demand.