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Tuesday, 21 December 10
CIL TOLD TO SCOUT MINES ABROAD TO BRIDGE COAL DEFICIT - ECONOMIC TIMES


Economic Times reported that, The government asked state-owned CIL to look for acquiring assets abroad to meet the domestic shortfall of coal.

"Coal India (LTD) has been asked to look at opportunities overseas.....from where coal can be brought and agreements made," Coal Minister Sriprakash Jaiswal told reporters on the sidelines of national consultation on MPLADS.

Coal India, and several other state-run companies are actively scouting for coal mines abroad to secure their raw material supply.

The government has also floated a special purpose vehicle, International Coal Ventures Ltd (ICVL), with Coal India NTPC, SAIL, among others, as members for acquiring coal mines abroad.

Last week, Coal India Ltd (CIL) had said that it was in talks with Indonesia's Sinar Mas Group for acquiring coal mines in that country.

Indonesian conglomerate Sinar Mas Group has interests in coal mining, logging and wood-pulp production and palm oil plantations.

Besides, the fourth-largest coal firm in the US, Massey Energy was also negotiating with CIL for sale of some of its assets.

The Indian coal miner, which has earmarked Rs 6,000 crore this fiscal for acquisition of coal mines abroad, is also in advanced talks to acquire a stake in the US-based Peabody Energy Corp's asset in Australia.

Peabody is believed to have offered the state-run coal major 10 per cent equity in one of their coal producing mines in Australia.

At present, the demand-supply gap of coal in the country is around 80 million tonnes, which is projected to double in the next few years.

The country had a coal output of about 532 million tonnes in the last fiscal with CIL producing 431.5 MT of this.

CIL accounts for over 85 per cent of the domestic production in the country.

The state-owned company saw coal production of 253.26 million tonnes by November 15 last month (of the current financial year) compared to 245.89 million tonnes in the corresponding period of previous fiscal.

It hopes to achieve 460.5 million tonnes production target for the current fiscal.
Source: Economic Times



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