Even though Coal India(CIL) has been allowed to revert to the old system of removing the cap on e-auction volumes with effect from April 2015, in the absence of a specific guideline from the ministry, the state-owned miner is in a fix over determining the volume to be sold via e-auction route.

Coal India (CIL) was at loggerhead with the nodal ministry over the latter's directive last September to halve its lucrative e-auction volumes to 25 MT and finally settled for keeping its e-auction sales to 7 per cent of total sales.

The country’s top dry-fuel miner Coal India Limited (CIL) has become the sixth-largest mining company in the world in terms of market capital, says a recent PwC report.

Earlier, the company was at the eighth spot among top 40 global mining firms, according to the report.

The government’s decision to auction coal linkages for non-regulated sectors is reason enough for Coal India’s investors to cheer.

The fresh auctions can lead to improved realisations for supplies to non-power sectors, which accounted for about 12% of Coal India’s FY15 production, as per analysts.

Shares of Coal India have rallied more than 4.5% to Rs 405 on the Bombay Stock Exchange (BSE) after production of the company in May rose by about 13% as against the corresponding period previous year.

Also, the government has announced that it will be resuming coal block auctions by offering 10 mines with a total annual production of 13.14 million tonnes to cement, steel and aluminium companies and captive power producers. The ministry of coal will auction linkages to Coal India’s production for the span of five years.

The government today said it's likely to auction coal blocks for commercial mining this financial year and is working out details for the same.

The move follows the recent successful auction of coal blocks for captive use to companies, which fetched the government over Rs 2 lakh crore.

Coal India is set to invest a whopping $20-25 billion (over Rs 1.27 lakh crore) over the next 5 years to achieve its billion tonnes target by 2020, double of what it produces now. This level of domestic production will also put an end to import of thermal coal to India, coal and power minister Piyush Goyal said.

"The 1 billion tonnes target would entail investment of anything between $20-25 billion. This would be invested over the next five years as we touch the production target. This would go in technologies, in equipment, in upgrading facilities and opening new mines," Goyal said while inaugurating the new headquarters of Coal India near Kolkata.

KOLKATA: World's largest coal miner Coal India Limited (CIL) on Friday contributed Rs.5 crore to the Prime Minister's relief fund to help the quake-stuck people in Nepal and some states in India.

CIL chairman Sutirtha Bhattacharya handed over the cheque to union Minister of State for Coal and New and Renewable Energy Piyush Goel.

India's imports of raw and processed coal, or coke, rose 19% to 21 million tonnes in April from a year earlier as low prices drew buyers, according to provisional data from commodities trader mjunction.

Imports into the world's third-biggest coal buyer, however, were about 12% lower than the 24 million tonnes for March, mjunction Chief Executive and Managing Director Viresh Oberoi said in an email.

NEW DELHI: The government has decided to cancel a coal block attached to the Sasan ultra mega power project of the Anil Ambani group in line with the Supreme Court's directive forbidding commercial use of surplus coal from such units for other plants.

The decision, which also forbids the use of coal from other mines of the 4,000 MW project for other plants, ends the special dispensation given earlier to Reliance Power's Sasan Project that would have helped the company fuel the Rs 21,000 crore Chitrangi power project.

Taking up the most neglected and sensitive topic in the coal mining sector – safety of mine labours, the ministry of coal is working towards ‘zero harm’ policy and coal companies would increase revenue spend on it.

The plan also includes phasing out of all manual loading in underground coal mines within a year's time. Most accidents in an underground coal mine happen due to land slide or gas leakage during extracting coal which is usually fatal.

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