India’s state-owned coal company, Coal India (CIL), missed its production target for May 2016, according to documents lodged with the Bombay Stock Exchange. It also remains behind its target for annual production.
According to the data, CIL produced 42.58 million t in May through its eight operating companies. That was 4.6% under the target of 44.64 million t. Six of the eight operating companies missed their individual targets with only Central Coalfields (CCL) and Northern Coalfields (NCL) producing above their target.
CCL produced 4.48 million t compared to its target of 3.9 million, while NCL produced 7.03 million t compared to its target of 6.98 million t. Meanwhile, Eastern Coalfield (ECL) was the worst performer among CIL’s major coal-producing subsidiaries, producing only 89% of its targeted 3.57 million t.
Over the fiscal year to date, CIL’s production totals 82.93 million t compared to a target of 89.12 million t.
Only four of its operating companies have managed to grow production year on year, with Western Coalfields’ production down 25.3% on the last financial year, ECL’s production down 9.9% and CCL’s production still down 1.2%, despite its better performance in May.
NCL has been the best performer over the fiscal year to date with production up 12.4% – although still slightly under its target of 13.74 million t.
CIL accounts for over 80% of India’s domestic coal production. It has been tasked with achieving 1 billion tpy of coal production by 2020 to supply India’s increased demand for coal-fired power.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/mining/02062016/cil-misses-may-production-target-2016-887/