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Coal India has approved a $6.
4 billion investment in coal mine projects to boost production and reduce imports
of alternative fuels.
Coal India said the approved projects include eight new projects and expansion plans for 24 existing mines, totalling 32 mines that could collectively reach peak production capacity of 193 million tonnes per annum
.
From FY 2023-24, these projects can produce 81 million tonnes of coal per year, with Coal India aiming to eventually achieve 1 billion tonnes of annual capacity
.
As India's economy emerges from the downturn caused by the pandemic, the world's largest mining companies are expecting a recovery
in demand for fuel.
Pramod Agrawal, chairman of Coal India, said last month that in addition to industrial consumption, the approaching summer was expected to spur electricity demand and spur power producers to replenish their declining coal stocks
.
According to statistics, India's coal users imported a record 248.
5 million tons of fuel in 2020, so increasing domestic production will be key
to wean it from overseas sourcing.
The company statement also said it had also invested in
rail and other coal transportation infrastructure along the mine lines to ensure smooth transportation.
Coal India has approved a $6.
4 billion investment in coal mine projects to boost production and reduce imports
of alternative fuels.
Coal India said the approved projects include eight new projects and expansion plans for 24 existing mines, totalling 32 mines that could collectively reach peak production capacity of 193 million tonnes per annum
.
From FY 2023-24, these projects can produce 81 million tonnes of coal per year, with Coal India aiming to eventually achieve 1 billion tonnes of annual capacity
.
As India's economy emerges from the downturn caused by the pandemic, the world's largest mining companies are expecting a recovery
in demand for fuel.
Pramod Agrawal, chairman of Coal India, said last month that in addition to industrial consumption, the approaching summer was expected to spur electricity demand and spur power producers to replenish their declining coal stocks
.
According to statistics, India's coal users imported a record 248.
5 million tons of fuel in 2020, so increasing domestic production will be key
to wean it from overseas sourcing.
The company statement also said it had also invested in
rail and other coal transportation infrastructure along the mine lines to ensure smooth transportation.
