Coal India Ltd (CIL) is all set to float global tenders within a month for developing 26 abandoned mines on a joint venture basis. Speaking at a fringe meeting organised by National Institute of Personnel Management (NIPM), CIL chairman Partha S Bhattarcharya said that the 26 mines with an expected coal reserves of around 10 million tonnes (mt) were already identified. Of these, around 10 mines are expected to be rich in coking coal, while the others will produce non-coking coal varieties.
CIL will be floating expressions of interest (EOI) to invite global technology providers to develop these mines on a joint venture basis with CIL, added Mr Bhattacharya.
This apart, Bharat Coking Coal Limited (BCCL) fixed the rates for selling coking coal to Steel Authority Of India Limited (SAIL) at Rs 6,300 per tonne for this fiscal year as against Rs 4,500 per tonne in 2007-08. BCCL supplied 1.62 million tonnes of washed coking coal to SAIL last year against its demand of 1.82 million tonnes. It currently produces 2 million tonnes per annum. It is open to selling more to SAIL provided BCCL's production hikes up, Mr Bhattacharya said. In 2008-09, BCCL targets coking coal production of 4.38 million tonnes and this coal, when washed, will yield around 2.19 million tonnes
According to industry sources, BCCL meets nearly 20 per cent of SAIL's annual coking coal requirement and the revised rates could have a positive impact on the company's balance sheet.
CIL will also be floating EOIs to invite bidders for contract mining for seven of its underground mines within this year. CIL would use state-of-the art technology to increase production.
Source: Business Standard
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