Coal India yearly investment pegged at $924m
KOLKATA (miningweekly.com) – Indian major Coal India Limited (CIL) has firmed-up capital investments on a combination of brownfield expansions and the start of new projects, to the tune of $924-million over 2013/14.
The yearly investment plan was geared towards achieving incremental production increases of between 30-million and 35-million tons each year, CIL chairperson S Narsing Rao said on Monday.
Elaborating briefly, he noted that the investment earmarked for the year would be riding on a combination of projects, including five to six new mining projects and refurbishment and capacity enhancement of infrastructure at existing mines.
The Indian government’s majority owned coal miner accounted for over 80% of domestic coal supplies, and had drawn up a five-year investment plan worth $9.32-billion, half of which would be capital investments, including the acquisition of coal assets overseas.
Rao said that the miner was also working on setting up 22 new coal washeries across the country.
In this regard, the Coal Ministry announced last week that the task force constituted to solve policy issues relating to coal beneficiation, would submit its report shortly and, based on the report, the Ministry would initiate measures aimed at increasing washed coal capacity and technological upgrades for efficient and sustainable use of coal.
CIL, with free cash reserves of $11.2-billion has been pulled up by India’s Planning Commission in a coal plan document for 2012/17, for not maintaining a rapid investment pace, which has resulted in slow growth in domestic coal production and a tardy record of overseas acquisition.
“In spite of large financial resources, investment pace of CIL has been extremely poor and this is a serious shortcoming and must be remedied over the next five years,” the document said.
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