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Coal India Ltd plans to acquire coking coal assets abroad as India lacks the technology to economically develop local reserves, Coal Minister Piyush Goyal has said.
“The recent spurt in global coal prices, particularly for coking coal, is expected to create an encouraging scenario for such (an) acquisition process,” Goyal told lawmakers in a written reply.
Coking coal futures on the Singapore Commodity Exchange soared in the second half of last year as top consumer China clamped down on local production as part of a campaign against pollution. Prices have since dropped by about 40 per cent to around $170 a tonne, but are still double what they were in mid-2016.