State-owned mining giant Coal India Ltd on Monday said it will participate in the upcoming auction for critical mineral blocks, signaling its venture beyond coal.
"Coal India will bid for three blocks in the critical minerals auction conducted by the mines ministry in February," Chairman P M Prasad said during a post-earnings conference call on Monday.
This diversification move signals the company's ambition to tap into the growing demand for resources crucial for renewable energy and other technologies.
Prasad further revealed that CIL has already conducted visits to a few lithium mines in Australia, indicating its preliminary stage of exploration.
The company also stated it was chasing a target of 780 million tonnes of coal production, with all its five coal-producing subsidiaries expected to surpass their targets, except South Eastern Coalfields Ltd, which faced some project issues and lagged by about 8 million tonnes from its target.
However, the miner was striving to achieve the target. Speaking about the e-auction price of coal, the company mentioned that in January-February, the premium ranged between 38-48%.
In February, Coal India's e-auction accounted for 17% of its production, and in March, it may increase depending on the situation.
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