VMR Mining Update: coal market

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Worried over domestic coking coal price hike effected by state-owned CIL, the country's largest steel maker SAIL today said it is in negotiations with the miner on the issue as it is difficult for the company to absorb the increase.

"We are under negotiations with them and working model will come out," Steel Authority of India Ltd (SAIL) Chairman P K Singh told Press Trust of Indida on Coal India Ltd's recent hike in coking coal prices.

CIL arm Bharat Coking Coal Ltd this month increased the prices of coking coal by about 20 per cent.

Another subsidiary of the world's largest miner Central Coalfields Ltd has also increased price of metallurgical coal this month.

"SAIL are in dialogue with CIL. We have told (them) that at this stage it is difficult for us to absorb (the hike in coking coal price). They have agreed to form a committee," Singh said.

The panel which will be constituted will have members from both the state-owned firms.

SAIL too is a state-owned firm and is a prime consumer of coking coal as well as a major customer of CIL's metallurgical coal.

"We have an MoU with Coal India. Once we are in that MoU, that pact remains applicable for the entire financial year. MoU means we also have an assured offtake from Coal India and We take coking coal from them. We take domestic coking coal supply only from Coal India," Singh said.

According to an official, the price of various grades of coking coal of CIL varies between Rs 2,400 and Rs 5,050 per tonne.

Asserting that SAIL was unable to recover its variable cost of production, he said there was a lot of pressure on its operations.

On possibility of price increase by the steel PSU, he said "it will depend on market situation". Of its total requirement, SAIL imports 86 per cent of metallurgical coal, while the rest is sourced indigenously.

The steel PSU has existing captive coking coal production of nearly 0.5 million tonnes per annum.

The global coking coal price, which was at USD 80 per tonne in January last year, rose to USD 283 per tonne in December, Indian Steel Association Secretary General Sanak Mishra said.

However, in early January, global price of metallurgical coal came down to USD 193 per tonne, Mishra said.

(Source: Economics Times, Janaury 30, 2017)

A CIL official told Financial Express that some plants are flush with coal while some others have neither coal supply nor power purchase agreement.

Subhasri Chaudhuri of the Coal Consumers Association of India felt that the recent upward revision of washed coking coal was linked to the prices of international coking coal.

A CIL official told Financial Express that some plants are flush with coal while some others have neither coal supply nor power purchase agreement. In some cases, they have coal supplies but do not have power purchase agreements with distribution companies. Also, some plants have the letter of assurance for coal supplies and have signed power purchase agreements but not getting the fuel. According to norms, plants with only valid power purchase agreements are entitled to get coal but in many cases plants with valid power purchase pacts are coal starved due to which they are unable to produce power and keep their supply obligation.

“We are trying to broaden the e-auction window so that it boosts demand and cuts down on the inventory cost of buyers. We will now allow lifting coal beyond one year of the purchase through e-auction, which, at the prevalent scheme, is allowed up to six months of the purchase. While this will help book larger volumes, users can lift whenever they want,” the CIL official said.

In fact, CIL was trying to improve on the demand of coal, which otherwise brought a tepid response to the e-auctions in 2016.

While the ministry didn’t agree that there was over supply of coal last year, it said the excess availability was because of the power plants operating at low PLF.

The ministry also adopted a 20% add on formula on fixing the floor price of coal above the notified price for e-auction for which there was less premium. However, the ministry cited that there was a 15% drop in imports, which saved R2,300 crore worth of foreign exchange.

According to mjunction CEO Vinay Verma, the average price gain over notified price during FY16 was 31.69%, while CIL could sell 14.81% through e-auction during the period.

CIL conducted 188 spot e-auctions, 13 forward e-auctions, 27 special forward e-auctions and 11 exclusive e-auctions as a new initiative during FY 16.

While Verma agreed that bringing about equilibrium in supplies to the power sector was important, he added that with larger availability of coal, small and non-core consumers like paper, ceramics, brick kilns and others – which were coal starved for years – got coal to their requirement. The situation would continue to remain so this year, Verma felt.

Subhasri Chaudhuri of the Coal Consumers Association of India felt that the recent upward revision of washed coking coal was linked to the prices of international coking coal.

Bharat Coking Coal hiked prices of washery 3 grade coal by 52% and washery 4 grade coal by 25%, which was directly linked to power utilities. Central Coalfields prices were linked to steel and a 99% increase – which put the price to R11,500 per tonne from R5,780 per tonne – would only encourage imports.

(Source: Financial Express, 28 January 2017)

After 40 years long time India is getting ready to open up commercial coal mining to private companies for the first time in four decades, with the aim of shifting the world's third-biggest coal importer towards energy self-sufficiency.

Coal Secretary Mr. Anil Swarup said on Friday the government has identified mines it plans to auction, and is now finalising other terms such as eligibility criteria for companies to take part and whether and how to set up revenue sharing. He said a plan should be ready in the 2-3 months, setting a clear timeline on a plan that has previously only been vaguely marked out.

India has an ambitious plan to double its coal production to 1.5 billion tonnes a year by 2020, as part of Prime Minister Narendra Modi's push to bring power to 300 million people who live without electricity, and give a boost to manufacturing.

It would also support the government's efforts to develop eastern parts of the country, which are resource-rich and hold most of India's coal reserves but have lagged the western states in development.

State-owned Coal India is on track to produce 1 billion tonnes a year by the end of this decade, and India is counting on private firms to produce the remaining 500 million tones - which may prove a tough target to achieve.

As of now, only Coal India and a small government-owned company are allowed to mine and sell coal in India.

"It's imperative that India opens up the sector so that private companies can bring in new technologies and the efficiencies that we keep talking about," said Dipesh Dipu at energy-focused Jenissi Management Consultants. "But I don't think private companies will be able to produce more than 100 million tonnes this decade as the process has yet to start."

The move is likely to attract coal block bids from Indian conglomerates such as the Adani Group and GVK, but the government may find it harder to lure big multinational miners such as Rio Tinto, BHP Billiton, Anglo American and Peabody Energy. Rio Tinto did not respond to requests for comment.

Coal prices are at multi-year lows amid global oversupply, and foreign companies have faced obstacles to investing in India, such as problems in getting land and environmental approvals.

Some private companies also worry that the best quality mines would be left for Coal India.

FINALISING TERMS

Swarup was handpicked by Modi to lead a turnaround in the coal sector soon after the prime minister came to power in 2014.

Under Swarup's watch, Coal India has seen record production growth, and the government auctioned off a series of coal blocks successfully. Coal imports fell for a sixth straight month in December.

Until last year, India spent around $16 billion a year importing foreign coal, even though it sits on the world's fifth-biggest reserves of more than 300 billion tonnes.

Anil Swarup said there were still some aspects of the plan to bring in private players that needed to be examined carefully.

The government, for example, has to make sure that companies do not under-report sales if a revenue-sharing model is adopted, he said.

Companies can do that by selling coal to their units at discounted rates, and by calculating the government's share based on that instead of the market price.

Swarup declined to say where the identified mines were located. Most of India's coal is in the eastern states of Jharkhand, Odisha and Chhattisgarh.

(Source: Assorted With Economics Times, January 9, 2016)

Australian environmentalists believe the political climate is changing. They say that last month’s Paris climate summit signaled a shift toward a zero-carbon global economy, so Prime Minister Malcolm Turnbull should get with the program, phasing out fossil fuels and slashing emissions further than his center-right government’s target of 26% to 28% below 2005 levels by 2030.

On the surface, the climate debate has shifted away from the skepticism of Tony Abbott,the former conservative prime minister whose opposition to the Labor Party’s carbon tax helped ensure his election victory in 2013. After all, Paris was a public-relations success for the anticarbon crowd. Stocks in fossil-fuel companies plummeted and renewables soared on the Australian stock exchange following the conclusion of the global pact.

Since toppling Mr. Abbott in a party-room coup in September, Mr. Turnbull has overturned the ban on government subsidies to wind farms. Mr. Abbott, now an outspoken parliamentary backbencher, is denounced as a Neanderthal for expressing faith in the coal industry.

But at a more fundamental level, nothing has changed. Climate sensitivity—which measures how much the climate will warm—still appears to be at the low end of the Intergovernmental Panel on Climate Change’s range. There is no new cause for alarm, and the most prominent doomsayers, from American James Hansen to the Brit George Monbiot, have expressed their dismay at the toothlessness of the Paris accord.

ENLARGE

Coal mines such as this one north of Sydney are expected to ramp up production. PHOTO:WILLIAM WEST/AGENCE FRANCE-PRESSE/GETTY IMAGES

The 196 nations only agreed to volunteer their carbon-cutting promises to the IPCC every five years. They don’t have to set ambitious goals, not least because there are no common standards for measuring improvement.

Nor are they required to meet their targets, largely because there is no penalty for noncompliance. Unlike 1997’s Kyoto Protocol, Paris isn’t a legally binding treaty. Nations can provide excuses for failure and pledge to do better next time. That hardly bodes well for verifiable and enforceable action to slash greenhouse gas emissions.

The non-OECD nations that account for about 60% of global emissions are producing more coal and building more coal-fired power stations than ever. More than 2,500 stations are either under construction or planned world-wide, mostly in India and China. Although President Barack Obama has discouraged the World Bank and its affiliates from investing in coal power, the new China-led Asian Infrastructure and Investment Bank won’t be so constrained.

China will continue to improve the energy efficiency of its economy as it grows—a goal it has long pursued—but it says it will only start reducing emissions in 2030. On the eve of the Paris summit, Beijing revealed it had burned 17% more coal a year than it had formally disclosed. Its leaders talk a big game, but the world’s No. 1 emitter won’t sacrifice economic growth for climate change.

Ditto the No. 3 emitter, India. Within days of Paris, Coal India confirmed that coal production would double in the next decade. Millions of Indians still live in the dark, and their leaders are unwilling to depress economic growth.

Carbon remains the cheapest source of energy to reduce poverty. As Indian economistRathin Roy told the Australian public broadcaster after Paris, “I don’t think any country or any Australian would want any Indian child to not have access to a light bulb.”

Climate enthusiasts hail the global climate fund, through which rich nations foot the bill for climate mitigation in the developing world. Industrialized countries say they will provide $100 billion a year from 2020 onward. Don’t bet on it. The developed world raised less than $1 billion last year.

It is also far from clear where the aid will go and on what conditions. Will the U.S. Congress participate at all? Imagine an American politician asking voters to pay higher taxes so Uncle Sam can help China become more energy efficient and economically competitive. Greening the economy is not a cost-free exercise.

Which brings us back to Australia, a coal-producing powerhouse that weathered the global financial storm largely because of the commodities boom. Green activists and their well-heeled urban supporters insist the Paris pact represents the beginning of the end of Australian coal, but command-and-control mechanisms lack broad public support.

Labor Prime Minister Julia Gillard’s carbon tax in 2011-13 was met with public backlash, as was her predecessor Kevin Rudd’s proposed cap-and-trade scheme. These mechanisms amount to lost jobs, lower growth and higher prices up and down the energy chain. No renewable energy source is as efficient as carbon.

Within days of Paris, the Turnbull government approved one of the world’s largest coal mines, at the Abbot Point port in the northeast state of Queensland. The mine will be expanded by Indian energy giant Adani Enterprises. Environmental groups fret that the project poses a threat to the health of the Great Barrier Reef, a charge dismissed by Unesco. Canberra’s decision, subject to rigorous safeguards, serves the national interest and the greater good.

Adani’s expansion will help provide cheap electricity, improve living standards and save lives across developing nations, especially India. It will create thousands of construction and operational jobs in Queensland. And if one or more of Queensland’s proposed Galilee Basin coal-mine projects go ahead, which now seems likely, the Abbot port could be developed to allow increased Australian exports.

None of this should be surprising. According to the International Energy Agency, Southeast Asian coal demand will triple for at least 25 years, and Australia will be the world’s largest coal exporter by 2020. The politicians at Paris harbor illusions, but Mr. Abbott’s belief that “coal is the future” sounds correct.

(Source: Mr. Switzer is a research associate at the University of Sydney’s United States Studies Centre and host of “Between the Lines” on Australia Broadcasting Corporation’s Radio National, Wall Street Journal, January 5, 2016)

India, the world's third largest producer of coal, imported 212.103 million tonnes (MT) of dry fuel worth over Rs. one lakh crores in the last fiscal, the highest ever in terms of value and quantity.

The coal imports in the financial year 2014-15 were at 212.103 MT, an increase of 27 percent over the previous year, the provisional coal statistics of 2014-15 released by the Coal Ministry said.

Of the 212.103 MT of coal (worth Rs. 104,524.1 crores), the non-coking coal import was 168.388 MT, while coking coal import was 43.715 MT, it said.

The coal import during 2013-14 was at 166.857 MT (Rs. 92,329.2 crores) while in 2012-13 it was 145.785 MT (Rs. 86,845.5 crores).

In 2011-12, the country imported 102.853 MT (Rs. 78,837.6 crores) of coal while in 2010-11, the import stood at 68.918 MT (Rs. 41,549.6 crores).

In 2009-10, 73.255 MT of coal (Rs. 39,180.0 crores) was imported and in the previous fiscal 59.003 MT (Rs. 41,340.8 crores) of coal was imported.

Coal Secretary Mr. Anil Swarup said that coal imports dropped by 27.16 percent to 12.6 MT in September from a year-ago period on the back of rise in domestic production.

Coal India accounts for over 80 percent of the domes

tic coal production and is targeting one billion tonnes of coal production by 2019-20 fiscal.

The government had earlier said it was expecting that one billion tonnes output target will enable it to stop imports of thermal coal in two and a half years, which will soften pressures on current account deficit.

(Source – Assorted with the Inputs from PTI)

for more live update about mining industry you can visit www.Virginiamr.in

Directorate General (Safeguards) has recommended provisional safeguard duty of 20% ad-valorem for period of 200 days on imports of hot-rolled flat products of non-alloy and other alloy steel in coils of a width of 600 mm or more into India with immediate effect.

“On the basis of analysis of the application filed by the domestic industry and the injury parameters it is observed that the domestic industry is suffering serious injury/threat of serious injury in respect of market share, profits/losses, inventory, decline in domestic selling prices etc,” Directorate General said in a release today.

There exists critical circumstances, where any delay in application for provisional safeguard measures would cause damage which would be difficult to repair, Vinay Chhabra, director general at Directorate General of Safeguards was quoted as saying.

Directorate General (Safeguards) had initiated a safeguard investigation on imports of hot rolled alloy and non?alloy flat steel coils on an application jointly filed by Essar steel, JSW steel (JSTL) and SAIL, accounting for more than 50 percent of India’s total production of said products.

So far, in a bid to protect the domestic steel industry, government has hiked the steel import duty twice, in August by 2.5 percent and in June by another 2.5 percent taking the total import duty to 15 percent from 10 percent earlier.

Imposition of safeguard duty will bring Free Trade Agreement (FTA) countries like Japan and Korea also into the duties' net, which was not the case earlier when import duty was hiked as the latter was meant more for other countries such as China and Russia.

Coal imports declined by 11 percent to 19.30 million tonnes (MT) in July 2015 compared to the same month of previous year as higher availability of do-mestic fuel led power generation firms to defer im-ports.

"The coal import in July 2014 stood at 21.68 MT (million tonnes). July 2015 import was down by 10.98 per cent compared to July 2014," Mr. Viresh Oberoi, the CEO and MD of mjunction services, said in an e-mail reply.

mjunction services, an e-auction joint venture be-tween Tata Steel and SAIL, is major online market-place for steel and coal.

"There were several reasons for fall in imports. First, higher availability of domestic coal prompted power generation companies to defer their imports. Second, there was a tendency among Indian buyers to defer their purchases on account of monsoon that affects handling at some of the Western Coast ports," he said.

Also, some buyers appear to have adopted a wait and watch policy, anticipating further softness in in-ternational coal prices, he added.

He further said that overall coal imports by power plants may fall due to increased domestic coal avail-ability, which is visible from the fact that about 30 MT of coal stock is lying with various power plants as on July 29, 2015, compared with a low stock of around 10 MT as on July 31, 2014.

In fact, the coal stock with power plants is hovering around 30 MT level since the beginning of June, 2015, due to higher supplies by Coal India (CIL), he said.

CIL accounts for over 80 percent of the domestic coal production.

In addition, he said the demand for electricity from distribution companies is not growing in the way it was projected to grow. The poor financials of dis-coms that reduced their purchasing capacity is also one of the reasons for lower than expected electricity generation.

In fact, the country's power generation in June was down 6.27 percent to 88.992 billion units (BU) com-pared with 94.944 BU in May and was almost flat compared with 88.853 BU generated in June 2014, Mr. Oberoi said.

Commenting on the outlook, he said, "We believe coal imports, all categories, will remain same as the previous financial year and we are looking at around 240 million tonnes for 2015-16."
(Source – Assorted with the Inputs from PTI)

Coal India’s production continues to rise on the back of better co-operation with coal-bearing states in ac-quiring land and faster forest and environment clear-ances obtained by the company in last the 12 months.

The PSU’s coal production recorded a 12 percent jump in the April-June quarter over the same period last fiscal. Its production had grown by more than 7 percent to 494 million tonnes (MT) for FY-15, the highest growth in four-decades. This performance was a welcome departure from the nearly flat pro-duction growth of 3-4 percent recorded by the com-pany over the previous five years.

The turnaround in production for this state-run behe-moth has been grounded in its ability to negotiate purchase of land and environment clearances. In the last 12 months, the company has been able to ac-quire nearly 2,000 hectares of land contiguous with mines which has helped it start nearly one mine every month. Additionally, the miner also managed to secure 41 clearances related to forest and environ-ment, an impediment that has significantly impacted CIL’s production in the past.

As per CIL’s internal report, the coal miner had 192 pending forest and environment related application at state and centre level for its 56 ongoing projects till August last year.

Due to pending clearances, the ongoing projects were only producing 130 MTPA as against a capacity of 271 MTPA. These pending approvals had also held back the company from taking possession of over 30,000 hectares of land crucial for mining at full po-tential.

“A team of top coal ministry officials has visited each coal-bearing states at least thrice to sort out issues as bulk of the land acquisition problems exist on the level of state governments. These visits and consulta-tions with top officials from the respective state gov-ernments have borne results,” a top coal ministry of-ficial told FE. He added that coal ministry’s approach to solving seemingly intractable issues in acquiring land could well be a template for other ministries as well.

The increased production is also manifested in the coal-stock position of the thermal power plants. From a situation in June last year when nearly half of the 100 coal-based power plants had less than 8 days of coal or were in critical condition, the number of critical plants has reduced to just 4 on Wednesday (July 29), as per the data made public by the power sector planning wing Central Electricity Authority (CEA).

“On an average, the coal-based plants have 20 days stockpile of fuel and even with monsoon months looming when evacuation becomes a problem, we are comfortably placed to generate power,” the offi-cial added.

While CIL looks good to achieve the production tar-get of 550 MT for FY 16, the more daunting challenge of achieving 1 billion tonnes production by 2019 would require 3 critical railway projects to enable evacuation of 300 million tonnes of coal.

Coal India along with Indian Railways and respective state governments in the coal-bearing states have finished the necessary paperwork to form joint ven-The JVs have also identified nearly 60 railways siding projects, which are 10-15 km of tracks branching out from the main line, the official cited above said.

He added that one of the three lines – Jarsuguda-Barapalli in Odisha – will be operational by July 2016. The other two lines namely Tori-Shivpur-Kathotia in Jharkhand and Kharsia-Korichapar-Dharamjaigarh line in Chhatisgarh are expected to become opera-tional by the end of 2017.

(Source – The Financial Express, 03-August-2015)

These firms are betting on India’s thrust on power production, infra development and indigenous manufacturing to raise the demand for minerals

Mining start-ups are mushrooming in India as the country aims to boost production of natural resources to spur economic growth.

These companies, offering technical assistance, consultancy, research and even financing services, are betting on India’s thrust on power production, infrastructure development and indigenous manufacturing to raise the demand for minerals such as coal, iron ore and bauxite.

“Mining for iron ore is only around 200 million tonnes (mt) while for coal it is about 400 mt. This will double in the next five-six years with the auctions and the provisions of the Mines and Minerals (Development and Regulation) Act,” said Monica Bachchan, director at Metalogics Projects Management Services Pvt. Ltd.

“Further, the potential for mining in the country is at over 500 billion tonnes, which will slowly open up in the following years,” Bachchan added. She and partner Bharti Mishra, both in their 20s, provide consulting and information services on mining and auctions.

Projecting similar growth, Virginia Mining Resources, a company started by former Indian Administrative Service officers and private mining industry experts in August 2014, sees mining-sector revenue at $30-35 billion in the next five years, from $5.5-7 billion now.

“With the slew of reforms expected to vitalize the sector, we believe a reasonable return on investment is expected, subject to conducive regulatory environment,” said Vineet J. Mehra, managing director of Virginia Mining Resources. “Our ultimate aim is to be a pure-play miner. We want to be another Rio Tinto originating from India.”

This start-up has clients such as Adhunik Metaliks Ltd, Adhunik Power and Natural Resources Ltd, GVK Power and Infrastructure Ltd, Dalmia Bharat Ltd, Essar America, Essar Algoma, Essar Power Ltd and JSW America to whom it provides consulting, exploration, project management, mine management, audit, financing, reclamation, equipment selection and other geological services.

“Contract mining is emerging as a good business opportunity,” said Rakesh Arora, managing director and research head at Macquarie Capital Securities (India) Pvt. Ltd. “With reforms in the mining sector, the growth rate is expected to pick up sharply and the need for specialist mining companies is going to increase.”

Two other start-ups have equally strong beginnings—one of them is already a coal block owner and the other got incorporated four years ago.

Araanya Mines Pvt. Ltd, incorporated on 12 January with a paid-up capital of only Rs.5 lakh, won the Lohari coal block in Jharkhand for Rs.2,438 a tonne in the government’s coal block auctions in March.

Veer Resources and Projects Pvt. Ltd, an early starter, was incorporated in May 2011 with a paid-up capital of Rs.1 lakh for mining and quarrying.

Thin margins

Competition is already intensifying in the sector owing to the sheer number of start-ups in the midst of larger companies such as the Aditya Birla Group’s Essel Mining and Industries Ltd and Adani Mining of the Adani Group.

“The big consultancies in this sector have dropped their tariffs, so the smaller ones like ours have to survive on minimal margins and at times with no profits,” said Bachchan of Metalogics. “We are sure that the market will open up soon and times will change for us.”

That said, companies still have rosy projections.

“We are expecting revenue of $10-12 million and we have a sufficient incoming order book to back it up,” said Mehra of Virginia Mining, which is bidding for two large mining projects in the country that would require it to raise significant debt.

Both Mehra and Bachchan said a special policy for junior miners and creation of a skilled workforce in the mining sector would be helpful for future growth.

According to data from the mines ministry, India has approximately 316 iron ore mines and 556 coal mines, several of which operate in the country’s central and eastern regions, bastions of Maoist rebels.

The mining sector has seen a turbulent past as many iron ore mines were closed until a few years ago owing to illegal mining and environmental degradation. Coal mines also saw troubled times as the Comptroller and Auditor General of India’s office accused the government of allocating coal blocks in an inefficient manner during 2004–09.

With legal challenges behind it, the government is pushing the sector to produce more so that India can be self-sufficient in minerals.

By Ruchira Singh, Livemint

30-6-2015

The underlying import drivers for India are of such strength that India will become the largest seaborne thermal coal market in the world in 2015.

This is according to commodities pricing expert and forecast company CRU Group’s managing consult-ant Mr. Alex Tonks who says that electricity short-ages in India are one of the biggest constraints on the country, and electrification is a key objective of the Mr. Modi government.

The aggressive targets that the government has set in this area mean that Indian electricity generation is expected to grow at one of the strongest rates of any country in the world - indeed, analysis in CRU's lat-est Thermal Coal Market Outlook shows a staggering growth rate for electricity production of 46.8 percent between 2014 and 2019.

Demand growth potential in India remains huge due to a combination of a growing population, wealth and electricity share within primary energy, as well as unmet demand. The majority of this growth will come from coal-fired plants, which will contribute around 80 percent of all new generation, despite de-lays in the construction of the Ultra Mega Power Plant projects.

Coal will remain India's most dominant fuel source, with imports required to meet demand
CRU assesses that coal will continue to play a domi-nant role in India's energy mix, despite the nuclear, hydro and renewable pushes taking place. This is be-cause of coal's ability to keep up with the surging de-mand needs of the country which has seen it gain market share to date, and will see it hold on to that share moving forwards.

On the domestic front, a number of years of less-than-spectacular production growth has failed to keep up with power consumption growth, and, in turn, this has caused a significant increase in and reliance on imported thermal coal.

While Mr. Modi’s government has stepped up plans to increase domestic coal production and power gen-eration - the reallocation of domestic coal blocks, in-teraction with labor unions and the approval of for-est clearances are all signs the government is willing to push ahead with domestic output growth.

CRU maintains the view that, unless there are seismic changes in Indian policy and red and green tape, we are not as optimistic as the government's domestic coal production targets. In conjunction with research conducted by CRU's Mumbai office, we estimate In-dian domestic coal output to be 599 Mt in 2015, with a CAGR of 4.8 percent between 2013 and 2019.

(Source – Mining Review.com, 17-June-2015)

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