For the first time in 14 years, Coal India Ltd. reversed the declining trend in underground coal production.
The company reported an output of 26.021 million tonnes for FY24, surpassing the previous fiscal year's production of 25.487 MT, marking a year-on-year growth of 2.10%, Chairman P M Prasad told shareholders in its latest annual report.
Modern technology and equipment have helped reverse the declining trend of output, officials said.
CIL deployed six continuous miners as part of its strategy to enhance UG mechanisation using mass production technology.
Additionally, three highwall miners were commissioned during FY24 in the Eastern Coalfields Ltd., Western Coalfields Ltd., and South Eastern Coalfields Ltd.
In a significant move to tap into latent coal reserves, CIL has revisited several abandoned UG mines. During 2023-24, the company awarded 11 such mines on a revenue-sharing model to private-sector bidders. These mines have a cumulative peak rated capacity of 17.86 million tonnes per year and total extractable reserves estimated at 267.54 million tonnes.
So far, CIL has awarded 24 out of 34 identified mines and is in the process of identifying additional mines to attract broader participation with relaxed bid norms, Prasad said.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
