Coal India (CIL) produced 42.56 million tonne (mt) of coal in February, missing its target of 45.41 mt. The company's offtake during the month was at 40.48 mt, while CIL target for February was 43.02 mt, the company said. CIL's production in the first 11 months of the current fiscal was 409.13 mt, while the company's target during the period was 429.29 mt, it said.
Tag: IT March 2014
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CIL production misses target
Coal India (CIL) produced 42.56 million tonne (mt) of coal in February, missing its target of 45.41 mt. The company's offtake during the month was at 40.48 mt, while CIL target for February was 43.02 mt, the company said. CIL's production in the first 11 months of the current fiscal was 409.13 mt, while the company's target during the period was 429.29 mt, it said.
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Government starts auction of coal blocks
The Union government has initiated auction of coal blocks by inviting applications for the first time, for allocating coal blocks through competitive bidding for specified end uses. The Ministry of Coal has offered three coal blocks for the auction. The Jhirki & Jhirki (West) of East Bokaro Coalfield, Jharkhand has approximate geological reserves of 267.91 mt (coking coal) for steel (blast furnace).
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Coal imports to rise 3.4 per cent in FY14
India's coal imports for the entire financial year 2014 are likely to grow a subdued 3.4 per cent to 150 mt, a stark contrast to the 42 per cent growth registered in 2012-13. The sharp drop in coal imports is due to rupee's depreciation, as well as a slump in demand. These two factors offset the impact of depressed global prices.
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Coal imports to rise 3.4 per cent in FY14
India's coal imports for the entire financial year 2014 are likely to grow a subdued 3.4 per cent to 150 mt, a stark contrast to the 42 per cent growth registered in 2012-13. The sharp drop in coal imports is due to rupee's depreciation, as well as a slump in demand. These two factors offset the impact of depressed global prices.
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Afcons eyes bigger LNG projects
Afcons Infrastructure, which has completed the engineering procurement and construction (EPC) work on the Kochi LNG terminal, is now looking for more such projects in this space. Afcons was the only Indian company at Kochi involved in the construction of the terminal facility, besides CTCI Corporation from Taiwan and IHI of Japan.
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Penal action on neglected mines
The Centre has decided to invoke bank guarantee partially on UCM Coal Company Limited, a joint venture of Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL), Chhattisgarh Mineral Development Corporation (CMDC) and Maharashtra Power Generation Company (MAHAGENCO), for delay in development of two Chhendipada coal blocks. However, the inter-ministerial group (IMG) did not favour de-allocation of the coal blocks at this stage.
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Penal action on neglected mines
The Centre has decided to invoke bank guarantee partially on UCM Coal Company Limited, a joint venture of Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL), Chhattisgarh Mineral Development Corporation (CMDC) and Maharashtra Power Generation Company (MAHAGENCO), for delay in development of two Chhendipada coal blocks. However, the inter-ministerial group (IMG) did not favour de-allocation of the coal blocks at this stage.
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IMG to scrap 30 captive coal blocks
An inter-ministerial group (IMG) tasked with suggesting punitive measures for holders idling their captive coal blocks has recommended cancellation of 30 mines, making it the single biggest de-allocation so far. Apart from several major firms, many smaller companies are now understood to be included in the list. In its two-day meeting recently, the panel considered the status of 61 captive blocks.
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NLC to buy coal mines abroad
Neyveli Lignite Corporation (NLC) would acquire coal mines abroad to fuel its power sector expansion plans in the country. In this regard, the company has got request for partnership from miners in Asia and Africa. The company wants to work in a JV with the overseas partners to source coal to India, according to B Surender Mohan, Chairman and Managing director, NLC.
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