GoI auctioning 36 billion tonnes of reserves

June 24 Coal

   Mr M Nagaraju, Additional Secretary & Nominated Authority, Ministry of Coal, Govt of India, has said that the government is offering 67 coal blocks and it will be the biggest offer in the country till now.

   “Out of the 67 coal blocks, 6 are coking coal blocks, 61 are non-coking coal blocks, 30 are partially explored and 37 are fully explored coal blocks. We are auctioning 36 billion tonnes of reserves by the end of this month(June’21) and expecting very good response from the industry both on coking and non-coking coal blocks. This will also reduce India’s dependence on imports,” he added.

   Addressing the virtual ’2nd Stakeholders’ Consultation on 2nd Tranche of Auction of Coal Mines for Commercial Mining,’ organized by the Ministry of Coal, Govt of India jointly with FICCI as the Industry Partner, Mr Nagaraju said, “Despite the pandemic, the response from the industry so far has been very good. Most of the reserves are located in the backward regions of India and the development of these coal blocks will provide these people with good livelihood.” 

   Mr Nagaraju also stated that this is the right time for us to extract the coal available in the country. “We are partnering with the private sector to boost this sector. The whole process is very transparent, and the National Coal Index captures the market prices of coal in the country,” he highlighted.

   “The Government will be standing with the industry in every step,” he noted. Mr Vinod Kumar Tiwari, Additional Secretary, Ministry of Coal, Govt of India said that the ministry has made huge efforts to shortlist coal blocks for the auctions and have focussed on ease of approvals and early operationalization as one of the factors.

  “The Ministry has also changed the methodology for ensuring greater participation and has offered coal blocks which are ecologically and economically sustainable,” added Mr Tiwari.

    Highlighting that the most attractive coal blocks are on offer, he mentioned that the investments in coal mines are going to be totally safe and prices of coal will continue to stay attractive due to the huge demand for coal. “This is the best period to make investments and book profits in the next 20-30 years,” added Mr Tiwari.

    After the success of the 1st tranche and positive response received from the industry, 19 mines were successfully auctioned in the first round of commercial coal mining auctions. 

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