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Sukla added that improved rail links would also help private mining companies to develop their coal blocks and contribute towards meeting the growing coal demand.
e Indian Coal Ministry has set a produc- tion target of 655 million tonnes for CIL for the year to March 2020, up from 607 million tonnes in 2018-19.
All seven CIL subsidiaries produced a com- bined 607 million tonnes in 2018-19, a 7.23% year on year rise. Only SECL with 150 million tonnes outpaced MCL.
Monthly output reached a peak of 79.19 mil- lion tonnes in March 2019, CIL’s highest ever.
CIL is looking to produce 1 billion tonnes of coal per year by the end of 2022.
Adding in other state-owned miners and private operators such as Tata and Adani, India produced 765 million tonnes of coal in the year 2018, a rise of 7.5%, according to data from the BP 2018 Statistical Review.
CIL, which accounts for 80% of the domes- tic coal production, operates 429 mines in eight states in central and northern India, including 237 underground, 166 opencast and 26 mixed mines. e coal ministry sets CIL’s output targets in March before the start of the new scal year in April.™
COAL-FIRED THERMAL GENERATION
Oracle Power confirms commitment to Pakistan’s Thar coal prospects
PAKISTAN
AIM-LISTED Oracle Power’s plans to build a 1,320-MW thermal power plant (TPP) at Paki- stan’s ar coal project with Chinese backing remain on course despite the current political turmoil in the country.
Oracle said in its annual report that the new government led by Imran Khan supported both the ar coal project and the country’s good rela- tions with China.
Oracle aims to use up to 8 million tonnes per year of coal mined at ar to re two mine- mouth 660-MW units.
“Progress is being made with our partners as we look to optimise the project economics and minimise the ultimate capital required for the full development,” Naheed Memon, Oracle’s chief executive, said.
In April, Oracle signed a Memorandum of Understanding (MoU) with Beijing Jingneng Power and PowerChina International to drive forward the project in Sindh Province. is con- rmed Beijing Jingneng’s entry into the project with a 73% stake, replacing Sichuan Provincial Investment Group
PowerChina International Group retains its 15% stake, while Oracle’s 12% interest remains unchanged.
Oracle said that its project was still at the pre-revenue stage and so, as expected, it made a loss in 2018, although this narrowed to £879,996
($1.1 million) from £1.05 million ($1.32 million) the year before.
At the end of May 2019, Oracle borrowed £250,000 ($314,300) from Brandon Hill Capital Limited, a 5.5% shareholder in Oracle.
In February 2019, the company placed shares worth £500,000 ($628,600) on the AIM market to fund predevelopment work in Pakistan.
Oracle’s ar project forms part of the China Pakistan Economic Corridor (CPEC) and has Priority status, meaning that China takes the project seriously and is keen to use it to expand its economic and industrial footprint in Asia.
e project’s backers have now applied for- mally to the Private Power Infrastructure Board to build, own and operate a 2x660-MW super- critical plant at Block VI of the ar coal eld.
Once approved, Oracle and its partners can apply for a Generation Licence and a new Upfront Tari from the National Electric Power Regulatory Authority. Oracle must then seal a Power Purchase Agreement (PPA) with the Central Power Purchasing Authority in order to reach nancial close.
e ar Coal eld is located 380 km east of Karachi. It covers an area of 9,100 square km, with a total lignite resource in excess of 175 bil- lion tonnes, the sixth largest in the world.
Around 30% of Pakistan’s 207 million people do not have access to electricity, Memon said.™
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w w w . N E W S B A S E . c o m Week 24 18•June•2019