Coal India Ltd plans to shut 37 nonviable mines in fiscal 2017-2018

Coal India Ltd plans to shut 37 nonviable mines in fiscal 2017-2018

State-owned Coal India Limited plans to close 37 mines in fiscal 2017-2018, running from April to March, the company said Friday.

An action plan has been prepared by CIL subsidiaries to shut nonviable underground mines, CIL said in a regulatory filing to the Bombay Stock Exchange.

A substantial number of mines had not been able to cover even workers salary, the coal ministry said at a meeting with CIL and its subsidiaries. It directed all seven subsidiaries of CIL to carry out a detailed study and list the nonviable mines.

CIL planned to produce around 1 billion mt of coal by 2019-2020, of which 52 million mt would come from underground mines, the coal ministry said earlier this year. Read more

Credits:www.platts.com

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