CIL looking to buy stakes in overseas coking coal mines

The government today said state-owned Coal India is hunting potential avenues for buying stakes in coking coal blocks overseas.

In a written reply to Lok Sabha, Coal Minister Piyush Goyal said, “CIL (Coal India) is pursuing available opportunities for buying equity stakes in coking coal mines abroad.”

He said though the CIL Board had last year advised the company to explore the opportunities of acquiring coal assets overseas, very few prospective blocks in foreign nations have come up for sale.

Coking coal is used mainly in steel-making.

Stating that the entire demand of coking coal is not met indigenously, Goyal said Indian consumers import metallurgical coal mainly from Australia.

Six coking coal mines are going to be auctioned, he said.

During April-September of the ongoing fiscal, 22.6 million tonne (MT) (provisional) of coking coal was imported.

While in the last fiscal, 41.6 MT coking coal was imported, in 2015-16, the import was 43.5 MT.coal-1521718_960_720

SOURCE: http://www.moneycontrol.com

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About Friends of Coal (North East)

Since its establishment in 1985, Mahalaxmi Group has consistently achieved its goals and demonstrated its ability to expand its market share, achieve excellence in the sector it operates in and realize shareholder value. In the last 10 years alone, the company has gone through a tenfold increase, expanded its reach countrywide and introduced new products and innovations. Today, we remain devoted to the same principles and aspirations that pushed our success over the decades. Values rooted into our corporate culture include zero compromise on quality, persistent value for money for our clients, a strong commitment to augment value for our investors and to achieve new heights and prosper together. We are actively working to contribute our share in environment aid by fostering plantation and greenery so that the places we are involved in experience the least negative climate impact.
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