Coal India Ltd (CIL) has decided to invest an estimated Rs 17,500 crore over the next five years to put in place completely mechanised transportation of coal through piped conveyor belts in its large mines by 2023-24 from the pitheads to despatch points which will replace road transportation wholly.
Coal India subsidiary Central Coalfields has taken charge of the Bermo mines in Jharkhand from Damodar Valley Corporation. The captive mine has remained idle for over two years on account of a lack of mining expertise, resources, and absence of clearances and other technicalities.
DVC had taken over the mine from Indian Railways in 1951 for its captive use for its Bokaro and Chandrapura units.
New Delhi: Coal India Ltd has lost 13 million tonnes, or 2.1%, of its annual output this financial year, due to strikes at Talcher coalfields, one of India's biggest, a spokesman for the company's unit said on Wednesday.
Coal India reported 20% y-o-y decline in dispatches in September 2019 due to flooding of mines on account of excessive rains. Production volumes traced dispatch numbers and declined by 23.5% yoy in September 2019. E-auction premiums increased to 87% in August 2019 even as inventory across plants declined with four units reporting critical inventory of coal.
Shares of Coal India Ltd fell by 3.4% on Thursday after the company reported a poor set of production numbers. Production shrank 23% in September, hampered by floods and rains. That has continued to keep a lid on its stock price, despite what appears to be an inexpensive valuation.
The one-day strike on Tuesday by coal workers against FDI in the sector has led to an estimated loss of 1 million tonnes (mt) in production as the Centre looks to initiate talks with the unions to normalise the situation by Wednesday.
The strike has affected production across the subsidiaries of Coal India and Singareni Collieries.
Trade unions on Tuesday claimed that production and dispatch has come to a "complete halt" at the mines of Coal India Ltd and Singareni Collieries Company Ltd, owing to the one-day strike against the Centre's decision to allow 100 per cent FDI in coal mining.
Five federations representing over half-a-million workers of CIL and Singareni Collieries have called for the strike, seeking withdrawal of the central government's move.
Economic slowdown has impacted coal import cargo in the first half of this fiscal, as overall cargo growth at major ports registered a marginal growth of 1.9 per cent to 294 million tonnes, rating agency Icra said on Wednesday.
Healthy volume growth in container, crude and iron ore segments was offset by the decline in coal and some other bulk cargo volumes, it said.
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