Government working to eliminate coal import: Piyush Goyal
The government is working on a plan to end dependency on coal imports in next 3-4 months in order to facilitate consumption of the surplus fossil fuel produced by Coal India
"When I took charge in 2014, I was faced with the challenge of inadequate supply of fuel. But now after two years we have come to a point where we have surplus coal and we are worried how to sell the surplus," Coal Minister Piyush Goyal said here late last evening.
He was addressing a gathering at the 50-year celebration of council for fair business practices (CFBP).
"To tackle this problem of surplus, my ministry has drawn up an entire programme to see how we can completely eliminate import of coal by any state government or state discom in the next 3-4 months," he said.
For almost 6-7 decades after independence, the country had got used to power and coal shortage but today there is a situation of surplus production, he said.
"The one billion target (of coal production )that I announced was an off the cuff remark for meeting of shortage of coal and I was criticised for this. But today we are worried how are we going to sell the excess production," he said.
Goyal said there is an availability of almost 20 days stock and there is not a single plant in the country which is shut due to shortage of coal.
It was earlier reported that the government has decided to push back its target of coal production of one billion tonne by 2020 as it does not have takers for the produce.
Coal India had set a target of 598 MT of production in 2016-17.
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http://economictimes.indiatimes.com/articleshow/54459898.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Coal India arm Mahanadi Coalfields Ltd seeks green nod for Rs 10,000 crore power plant
Going ahead with its plan of setting up of around Rs 10,000 crore power plant in Odisha, CIL arm Mahanadi Coalfields has approached the environment ministry to seek green clearance for the 1,600 mw coal-based thermal plant.
“Towards gainful utilisation of coal deposits in Basundhara area, Sundergarh district of Odisha…company (Mahanadi Coalfields Ltd) has envisaged coal-based thermal power plant of 1600 (2×800) mw with super-critical technology,” CIL (Coal India) arm said in its annual report.
“…(MoEF) Ministry of Environment and Forests has been requested for enlisting the project for hearing in the forthcoming EAC (Expert Appraisal Committee) for consideration of grant of EC (Environment Clearance),” the report said.
“EIA (Environmental Impact Assessment) study (for the project) has been completed,” Mahanadi Coalfields Ltd (MCL) said.
It further said that Central Electricity Authority — the nodal agency of the power ministry — has recommended the ministry for consideration of coal linkage for the project.
A special purpose vehicle, Mahanadi Basin Power Ltd (MBPL), has been incorporated as a wholly-owned subsidiary of MCL for setting up the project.
The report said that MBPL has achieved several milestones towards installation of power plant.
High Level Clearance Authority (HLCA) of Odisha has approved the project in principle.
Water Allocation Committee of Odisha has recommended 49 cusec of water from Hirakud reservoir to the proposed thermal power plant.
“CIL board accorded its approval for the first year expenditure of Rs 1,019 crore to start the work and the proposal will be placed for approval of the project report in the CIL board subsequently,” the report said.
Supreme Court allows extracted coal transportation in Meghalaya
The Supreme Court has allowed land owners and coal traders to transport the coal already extracted from the mines in Meghalaya from October 1 to May 31, 2017 on payment of royalty to the state government and other fees fixed by the National Green Tribunal.
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http://economictimes.indiatimes.com/articleshow/54468112.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
China's state planner to meet with coal industry on supply, prices
China has called regulators and company executives from the country's major coal producing regions to an "urgent" meeting on Friday, the second in as many weeks as Beijing tries to overhaul the industry while maintaining supplies to major consumers.
China is trying to cut inefficient coal production as part of efforts to reduce pollution and trim excess capacity. But tighter supplies and increased consumption during the summer have pushed up prices.
In a letter dated Sept. 22 and seen by Reuters on Thursday, the National Development and Reform Commission (NDRC) scheduled the meeting in Beijing for regulators from China's top three coal producing regions, Shanxi and Shaanxi provinces and the autonomous region of Inner Mongolia.
Executives from Shenhua Group Corp [SHGRP.UL] and ChinaCoal [SASASW.UL], along with the China Iron and Steel Association (CISA) and the China National Coal Association will also attend.
Participants will discuss the industry's "latest problems" as well as supply and demand in the following months, it said.
"We will study and analyse the latest outlook in coal production, transportation, demand, price and problems," the NDRC said.
The NDRC did not respond to Reuters' calls seeking comment.
It is not clear what will be decided at the meeting, but CISA sent a request to the NDRC earlier this month pleading for more supplies of coking coal used for steelmaking, according to a document seen by Reuters.
The recent production cuts that are part of the NRDC's efforts to get rid of inefficient coal output have choked off supplies of raw material to domestic steelmakers.
At an industry meeting two weeks ago, producers discussed increasing thermal coal output, partially reversing those cuts, but measures have so far not included coking coal.
Friday's meeting comes just days after some major producers including Shenhua started ramping up output, putting up to 15 million tonnes of new supply each month on to the market.
In its letter to the NDRC, CISA noted that coking coal prices have soared 20 percent in the past two months, while imports have climbed sharply.
http://www.reuters.com/article/us-china-coal-idUSKCN11S17C
Goldman lifts coal price view after frenzied rally on China's reform push
Goldman Sachs has sharply raised its price forecasts for coking coal for the next two years, after this year's frenzied rally fueled by a shortage in China that should revive idled mines from Mozambique to the United States.
China's push to tackle a coal glut by imposing a 276-day cap on domestic coal mines earlier this year created a significant deficit, lifting the country's coking coal imports by 18 percent over January to August. [MTL/CHINA9]
The spot price of Australian premium hard coking coal has surged 164 percent this year to $206.40 a tonne on Thursday, making the commodity the best performing among those covered by Goldman.
Goldman has increased its 2017 forecast for premium hard coking coal from Australia's Queensland by 64 percent to $135 a tonne. It raised its 2018 estimate by 47 percent to $125.
"In our view, the impact of Chinese government policies on the global market will continue long after production volumes have recovered," Goldman analysts Christian Lelong and Callum Bruce said in a report.
While Chinese policy makers will eventually have to relax production limits, supply-side reforms aimed at ensuring the survival of domestic miners should result in a higher equilibrium price for seaborne coal, they said.
"The main beneficiaries of higher-than-expected seaborne demand are the United States, Australia and Mozambique."
The resumption of idled U.S. mines is likely to boost export volumes and help reverse a multi-year drop, while higher prices should encourage a 22-million-tonne coal project in Moatize, Mozambique to be fully operational, the analysts said.
Surging coal prices are prompting many Chinese steel mills to opt for higher grade iron ore to boost efficiency and use less coal, forcing suppliers of low-grade ore from India and Iran to offer deep discounts to attract buyers.
http://www.reuters.com/article/us-goldman-cokingcoal-idUSKCN11T09H
Goa government lifts seasonal mining ban
The Goa government today allowed the state mining industry to resume operations after a break of over three months owing to the monsoon.
The operations are likely to pick up once again from the next month.
Director of Mines and Geology Prasanna Acharya issued a notification lifting the ban on the transportation of ore.
The transportation of the mineral by road in the interest of public safety was stopped during the monsoon season. And whereas the monsoon has almost rescinded, the ban stands withdrawn with immediate effect," the notification said.
While Goa witnessed rains from June 15 onwards this year, the Directorate of Mines and Geology had imposed the ban on the transportation of iron ore from the beginning of that month.
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http://economictimes.indiatimes.com/articleshow/54470715.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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