Coal India to develop new coal mines
Coal India is planning to develop 55 new coal mines and expand 193 existing ones in the next five years. The new coal mines are likely to have a production capacity of around 92 MTPA while the expansion of existing mines would take those to 310 MTPA in terms of capacity.
The company is also undertaking portal-based monitoring of ongoing projects to ensure its timely completion. It is also looking to use drones to keep an eye on illegal mining and pilferage.
Besides, Coal India has introduced technology to improve its work efficiency with high capacity Heavy Earth Moving Machinery, such as 42 cum shovel and 240 t rear dumpers in Gevra Expansion, Dipka, and Kusmunda open cast mines. The company has also launched surface miners in opencast mines in order to improve operational efficiency and to cater to environmental needs. The company will switch over to piped conveyor belts for the transportation of coal in its large mines by FY24E .
In today's trading session, the stock of Coal India was trading in positive terrain despite the broader market witnessing selling pressure. The stock opened at Rs. 196.6 apiece and, at 15.25 hours, it was trading at Rs. 198.95.
Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications