Coal news and updates

Govt looking for ways to double Coal India output

The government is in the process of formulating strategies to almost double Coal India's output to one billion tonnes over the next five years.

"We are looking at one billion tonne by 2019. Do you think that Coal India on its own will do...everybody is working towards this objective of one billion tonne," coal secretary Anil Swarup said.

The coal ministry has sought suggestions from stakeholders, industry bodies like Ficci and others, he said.

"And I can guarantee that in coal sector through public private partnership (PPP) we will move....public private partnership of ideas for moving ahead," he said at ISB National Conclave.

Power and Coal Minister Piyush Goyal had earlier said the target of doubling domestic production from the current 490 million tonnes level was "possible".

He had said the country should make efforts to become an exporter of coal by drawing up a clear roadmap to achieve this.

The state-run firm will invest Rs 5,000 crore to buy 250 rakes for transporting coal.

Coal India, which accounts for 80 percent of domestic coal production, missed its output target of 482 million tonnes for 2013-14, producing 462 million tonnes during the period.

Production fell short of target because of various reasons, including lack of environment clearance to coal mining projects.

In 2012-13, the company produced 452.5 million tonnes of coal, falling short of the 464 MT target. Coal India's production target for 2014-15 has been set at 507 MT.

Source: First Post