Coal India

CIL’s reserves won’t get depleted in 17 years: says Narsing Rao

CIL’s reserves won’t get depleted in 17 years: says Narsing Rao

Coal India Ltd (CIL) Chairman Narsing Rao argued that the miner's coal reserves would not get depleted within the coming 17 years as predicted by Greenpeace.

Greenpeace, the renowned green activist body, on Monday predicted that CIL's slightly more than 18 billion tones of extractable coal reserves would likely come to an end in 17 years from now.

Disapproving green activist body's estimates, Mr. Rao added that the miner's reserves would increase to 25 billion tonnes in three years.

Coal India’s quarterly results beat market expectations; shares jump

Coal India’s quarterly results beat market expectations; shares jump

Coal India Ltd (CIL), the world's largest coal producer, on Monday reported better-than-expected results for the fourth-quarter 2012/13, thanks to higher-than-expected sales volumes and lower costs.

The government-run miner announced that its net profit jumped to Rs 5,414 crore in the January-March quarter, from Rs 4,013 crore in the corresponding period of the previous fiscal.

Net sales jumped 2.5 per cent year-on-year to Rs 19,905 crore, while sales volumes grew to 130 million tones.

NTPC refuses to sign FSAs with Coal India

NTPC refuses to sign FSAs with Coal India

NTPC Ltd, India's biggest power producer, has declared that that it would not sign fuel supply agreements (FSAs) with Coal India Ltd (CIL) until the coal miner promises to ensure a minimum calorific value coal.

CIL is being pushed by the Prime Minister's Office to sign FSAs with bulk consumers to ensure supply of a minimum threshold of coal, but companies like NTPC have long been complaining that CIL supply poor quality coal, which is often full of stones and boulders.

CIL misses production and supply targets

CIL misses production and supply targets

State-run Coal India Ltd (CIL), the world's biggest coal miner by output, failed to meet its supply target for the financial year 2012-13 by 4.8 million tones.

In a statement released on Monday, CIL said that it could supply only 465.2 million tonnes of coal in 2012-13, falling short of its target of 470 million tonnes.

In February this year, the company had announced that it was on track to meet its supply target for the year under review.

The coal miner also failed to meet its production target of 464.1 million tonnes for 2012-13 by 11.9 million tones.

CIL shares fall on report about stake sale by govt.

CIL shares fall on report about stake sale by govt.

Stock in Coal India Ltd (CIL) slipped as much as 4.7 per cent to Rs 305 a share in early trading on Monday on a media report that the government is preparing to sell up to 10 per cent of its holding in the company.

Without citing sources, the ET reported that the government was quickly pushing ahead to sell up to tenth of its stake in the public-sector coal producer via the offer-for-sale (OFS) route.

The report said, "The government is considering to offload up to 10% stake in Coal India through the OFS route in the next financial year."

CIL Alleged for Poor Quality Coal and One-Sided Fuel Supply

CIL Alleged for Poor Quality Coal and One-Sided Fuel Supply

In recent news, Coal India Limited (CIL) has been alleged of one-sided fuel supply agreements forced upon consumers and supplying poorer quality coal.

The allegations have been made by the Competition Commission of India (CCI). It said that CIL has played one-sided role in supplying coal to its consumers. The Fuel Supply Agreement (FSA) matter was fueled by the National Coal Distribution Policy which came in 2007.

CIL to benchmark coal on basis of gross calorific value

CIL to benchmark coal on basis of gross calorific value

State-run Coal India Ltd (CIL) has announced a new system of pricing effective from January 1, 2012.

Under its new pricing system, the coal giant will benchmark coal on the basis of gross calorific value, a standard used internationally. The move will push coal prices up by 30-60 per cent from what the coal giant's average price used to be.

Among the world's major coal producers, India was the only country that was not benchmarking its product on the basis of internationally accepted gross calorific value.

Coal India in Talks with Indonesia for Joint Venture

Coal India in Talks with Indonesia for Joint Venture

Coal India Ltd. will be in talks with the Indonesian Government for a deal about coal mine, and will make sure Indonesian Government allows them to run a coal mine with their mining company.

Coal India acting Chairman Nirmal Chandra Jha stated that in the upcoming meeting of October the two countries will talk about the joint venture that could be initiated. However, he did not reveal which Indonesian company they will be dealing with. If the deal with Indonesia gets a green signal then the new plans will be implemented only after the mutation of the mining regulations.

Coal India to Be Hit by Wage-Hike

Coal India to Be Hit by Wage-Hike

Irrespective of its 64% gain in first fiscal quarter, Coal India, the world's largest coal miner, fears its second quarter growth would not be in the tune of former. The reason of it is said to be the upcoming wage-hike in the company.

Revealing the amount of the profit, Chairman NC Jha said the net profit is of Rs4, 143.92 crore.

He further stated that last time also the wage-hike slowed down the process of growth, and this time also it is considered to be on the same track.

MMDR Bill Brings Bad News for Mining Companies

MMDR Bill Brings Bad News for Mining Companies

The draft Mines and Mineral Development and Regulation (MMDR) Bill, 2011 turned to be unlucky for Coal India and other mining companies as their shares toppled on the Bombay Stock Exchange in morning trade.

The draft proposed that it should be mandatory for coal miners to share 26% of their profits with project-affected people and non-coal mining companies has to pay 100% of the royalty to people affected by the project.

The draft would be put forth in the parliament but analysts found the draft to be taxing on the part of mining companies.