By India Blooms News Service May 03, 2023
New Delhi/IBNS: The Ministry of Coal has finalised the total coal production target of 1012 MT for FY 2023-24.
The target is part of an action plan for the FY 2023-24, the ministry said, adding that the government aims at enhancing the production, efficiency, sustainability, new technologies, etc. in the coal sector and an ambitious, well-crafted roadmap, covering a variety of areas has been set.
The capex target for FY 2023-24 is Rs 21030 croreRs16,500 crore for Coal India Ltd (CIL); Rs 2,880 crore for Neyveli Lignite Corporation India Ltd (NLCIL) and Rs1650 crore for Singareni Collieries Company Ltd (SCCL).
The overall projected target of the Assets Monetization plan for FY 2023-24 is Rs. 50,118.61 crores as per the action plan.
During FY 2022-23, the ministry signed agreements for a total of 23 coal mines having cumulative PRC of 33.224 MTPA, and these mines are expected to generate an annual revenue of Rs 4,700.80 crores calculated at PRC (Peak Rated Capacity).
These mines are expected to provide both direct and indirect employment to 44,906 people.
Considering the good response received for the 6th round of commercial auctions, it is expected that 25 coal mines will be allocated during FY 2023-24 for commercial mining.
To restore the ecological balance in the mined-out areas, mine closure activities will begin this year at a significant number of CIL and SCCL mines as per the guidelines issued by the Ministry of Coal in October 2022 (Scientific Closure of Closed/Abandoned/Discontinued Mines before the Year 2009), the Coal Ministry said.