Virginia Mining Resources bring to you last week developments and update of Coal India Limited.
please check it out below:
“CIL (Coal India Ltd) is scouting for acquiring coking coal assets abroad, as India is faced with constraints for techno-commercially viable domestic coking coal reserves,” Coal and Power Minister Piyush Goyal said in a written reply to Rajya Sabha.
“The recent spurt in global coal prices, particularly for coking coal, is expected to create an encouraging scenario for such acquisition process,” the minister said.
Since CIL, at present does not have any asset abroad, the comparative analysis between coal mines in India and coal mines abroad can not be ascertained, he added. The state-owned miner had surrendered two prospecting licences held by its subsidiary Coal India Africana Ltd in Mozambique.
CIL is looking to appoint a merchant banker to assist it in acquiring assets overseas so as to enhance the nation’s energy security.
According to provisional data, the production stood at 433.76 mt, up by a meagre 1.7 percent during the first ten months of the current fiscal (2016-17). It achieved 91 percent of the target which was set at 478.57 mt for the period.
CIL, which produces 84 percent of the country’s coal production, was targeting 61.04 mt during the last month of the current fiscal, achieving 92 percent of the target. It also reported that its off-take during this period was up by a marginal 1.3 percent at 443.13 mt as against a target of 489.71 mt. Its off-take for January stood at 51.35 mt achieving 92 per-cent of the target.
In 2015-16, the state miner produced 538.75 mt of coal against a target of 550 mt and its off-take was at 534.5 mt. During the current fiscal, the coal production target has been pegged at 598.61 mt is expected to be 660.7 mt in 2017-18.
The company envisaged production of 908.10 mt in 2019-20 with a CAGR (Compound Annual Growth Rate) of 12.98 percent with respect to 2014-15.
In its latest annual report, the coal-mining behemoth said it would invest Rs 7,765 crore as capital expenditure and Rs 5,069 crore in various other projects in 2016-17.
(Source – Assorted with inputs from PTI & IANS, 02-07, February-2017)
please check it out below:
- Coal India Ltd plans to acquire coal assets overseas
State-run CIL is exploring coking coal assets overseas as the country is faced with constraints of techno-commercially viable domestic metallurgical coal reserves, Parliament was informed today.
“CIL (Coal India Ltd) is scouting for acquiring coking coal assets abroad, as India is faced with constraints for techno-commercially viable domestic coking coal reserves,” Coal and Power Minister Piyush Goyal said in a written reply to Rajya Sabha.“The recent spurt in global coal prices, particularly for coking coal, is expected to create an encouraging scenario for such acquisition process,” the minister said.
Since CIL, at present does not have any asset abroad, the comparative analysis between coal mines in India and coal mines abroad can not be ascertained, he added. The state-owned miner had surrendered two prospecting licences held by its subsidiary Coal India Africana Ltd in Mozambique.
CIL is looking to appoint a merchant banker to assist it in acquiring assets overseas so as to enhance the nation’s energy security.
- Coal India production grows 5.5 percent in January
According to provisional data, the production stood at 433.76 mt, up by a meagre 1.7 percent during the first ten months of the current fiscal (2016-17). It achieved 91 percent of the target which was set at 478.57 mt for the period.
CIL, which produces 84 percent of the country’s coal production, was targeting 61.04 mt during the last month of the current fiscal, achieving 92 percent of the target. It also reported that its off-take during this period was up by a marginal 1.3 percent at 443.13 mt as against a target of 489.71 mt. Its off-take for January stood at 51.35 mt achieving 92 per-cent of the target.
In 2015-16, the state miner produced 538.75 mt of coal against a target of 550 mt and its off-take was at 534.5 mt. During the current fiscal, the coal production target has been pegged at 598.61 mt is expected to be 660.7 mt in 2017-18.
The company envisaged production of 908.10 mt in 2019-20 with a CAGR (Compound Annual Growth Rate) of 12.98 percent with respect to 2014-15.
In its latest annual report, the coal-mining behemoth said it would invest Rs 7,765 crore as capital expenditure and Rs 5,069 crore in various other projects in 2016-17.
(Source – Assorted with inputs from PTI & IANS, 02-07, February-2017)
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