At Rs 37.8 bn, Q1 PAT rose 61% y-o-y – higher volumes (+12%), realisations (+10%, hike in Jan18), evacuation facility charges (effective Dec’17) offset in part by higher costs (wage negotiations concluded in Oct’17).
Asserting that the exploration activity of non-coal mineral blocks should double every year, the mines ministry on Friday said it was working towards augmenting the participation of the private sector in this regard in the future.
State-run power giant NTPC will soon set up a subsidiary to handle its coal mining operations and also plans to enter commercial coal mining after meeting its requirement, an official said. The power sector behemoth also has a plan to list the coal subsidiary subsequently on stock exchanges.
Coal India arm BCCL suffered Rs 95 crore loss due to blending inferior grade coal with superior steel quality dry-fuel, the government auditor CAG has said.
Aluminium makers are facing shortage of coal to run their captive power plants which has hit their refinery and smelting operations adversely, the Federation of Indian Mineral Industries (FIMI) said.
The government may sell stake in six state-run companies, including NTPC, MMTC, BHEL and Coal India. A report by ETNow said that government readies divestment plan from September-March period. It may divest 3 per cent stake in NTPC and 15 per cent stake in MMTC.
NTPC, India’s largest power producer, is planning to issue a tender for import of 2.5 million tonne of coal by mid-September to cater to the growing power demand in the country. The PSU last imported coal three years ago.
The Union Cabinet made an important announcement in the month of February this year when it opened up the coal sector to commercial mining by private companies. Coal mining has been authoritatively controlled by the State for the past 41 years.
Coal India Ltd, the world’s biggest miner, has pushed back its ambitious 1 billion tonne production target by at least two years owing to the existing ground realities, a top official of the company has said.
The Ministry of Power is facing difficulty in supplying coal to the power plants, located far from the mines, as Coal India Limited (CIL) hasn’t prepared a list of such plants in the past six months.