On November 18, the Indian government decided to sell 10% of Coal India to raise 200 billion rupees (19.24 billion yuan) and approve four new railway projects to speed up the transportation of coal and other minerals. In November 19th, the Indian government issued a new policy and decided to auction 8 coal mines to increase coal production.
& emsp; & emsp; "The government has decided to auction off eight of its Schedule III coal mines, which are earmarked for the fourth batch of unregulated steel, cement and captive power plants.". The auction will start on January 18, 2016 and run until January 22, Coal Minister Anil Swarup said in an interview.
& emsp; & emsp; "India will sell the tender documents on December 31, and the designated authority will issue a takeover order to the successful bidder on March 10, 2016," Swarup said.
This is the fourth round of coal mine auction conducted by the Indian government. The coal mines auctioned are Brahmapuri and Suliyari in Madhya Pradesh, Bundu and Gondulpura in Jharkhand, Gondkhari and Khappa Extended Mines in Maharashtra Extension) and Jaganathpur A and Jaganathpur B in West Bengal. The total coal reserves of these eight coal mines are 1.143 billion tons, and the total production capacity is 12.86 million tons per year.
According to Swarup, the Plan II auctions or designates 34 coal blocks (including blocks in production or about to be put into production) in various States, of which seven blocks have a total coal production of more than 5 million tons and one block is in litigation.
& emsp; & emsp; "The remaining coal mines are likely to be commissioned" in the next 2-3 months "and the prime minister needs to personally intervene to review the projects and resolve the necessary licensing, stamp duty and asset transfer issues," Swarup said.
At present, 29 coal blocks have been granted mining leases, and the remaining four coal blocks will soon be granted mining leases, he said.
Swarup said Coal India was on track to meet its production target of 550 million tonnes this fiscal. This week, India's cumulative coal production exceeded 300 million tons.
Swarup also said that coal production has increased, the number of coal carriages has increased, coal stocks in power plants have increased, and the average available days have increased to 19 days.
Since 2004, India has allocated 204 coal mines to companies on a non-auction basis. In September last year, the Supreme Court cancelled the allocation plan and replaced the allocation of coal mines with company auctions.
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