Coal India to Bid for Critical Mineral Blocks - Diversification Move
By Rediff Money Desk, KOLKATA Feb 19, 2024 20:44
Coal India Ltd to participate in critical mineral auction, signaling a shift beyond coal. The company aims to tap into growing demand for resources crucial for renewable energy.
Kolkata, Feb 19 (PTI) State-owned mining giant Coal India Ltd (CIL) on Monday said it will participate in the upcoming auction for critical mineral blocks, signaling its venture beyond coal.
"Coal India will bid for three blocks in the critical minerals auction conducted by the mines ministry in February," Chairman P M Prasad said during a post-earnings conference call on Monday.
This diversification move signals the company's ambition to tap into the growing demand for resources crucial for renewable energy and other technologies.
Prasad further revealed that CIL has already conducted visits to a few lithium mines in Australia, indicating its preliminary stage of exploration.
The company also stated it was chasing a target of 780 million tonnes of coal production, with all its five coal-producing subsidiaries expected to surpass their targets, except South Eastern Coalfields Ltd, which faced some project issues and lagged by about 8 million tonnes from its target.
However, the miner was striving to achieve the target. Speaking about the e-auction price of coal, the company mentioned that in January-February, the premium ranged between 38-48 per cent.
In February, Coal India's e-auction accounted for 17 per cent of its production, and in March, it may increase depending on the situation.
"Coal India will bid for three blocks in the critical minerals auction conducted by the mines ministry in February," Chairman P M Prasad said during a post-earnings conference call on Monday.
This diversification move signals the company's ambition to tap into the growing demand for resources crucial for renewable energy and other technologies.
Prasad further revealed that CIL has already conducted visits to a few lithium mines in Australia, indicating its preliminary stage of exploration.
The company also stated it was chasing a target of 780 million tonnes of coal production, with all its five coal-producing subsidiaries expected to surpass their targets, except South Eastern Coalfields Ltd, which faced some project issues and lagged by about 8 million tonnes from its target.
However, the miner was striving to achieve the target. Speaking about the e-auction price of coal, the company mentioned that in January-February, the premium ranged between 38-48 per cent.
In February, Coal India's e-auction accounted for 17 per cent of its production, and in March, it may increase depending on the situation.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- ARC Finance
- 1.51 (+ 2.72)
- 99106131
- Vodafone Idea L
- 8.27 (+ 1.72)
- 37910491
- Guj. Toolroom Lt
- 18.98 (+ 4.98)
- 33052379
- Srestha Finvest
- 0.81 ( -2.41)
- 24087791
- Filatex Fashions
- 0.69 ( -4.17)
- 20455844
MORE NEWS
FPIs Pull Out Rs 4,285 Cr from Indian Equities...
Foreign investors pulled out Rs 4,285 crore from Indian equities in the first three...
Top 10 Indian Companies Mcap: HDFC Bank Hit...
Four of India's top 10 most valued companies saw their market valuations decline last...
OYO Bans Unmarried Couples Check-in in Meerut
OYO has introduced a new check-in policy for partner hotels in Meerut, prohibiting...