Weekly global coal market news summary (Jan 2 –Jan 5)

sxcoal.com General 2018-01-05 10:07:00

Coal India may miss production target during FY18

Coal India (CIL) may miss out on meeting its production target of 600 million tonnes in fiscal 2017-18, going by the production pattern during the first nine months of the year.


Provisional figures for the April-December 2017 period showed it has produced 383.93 million tonnes of the fossil fuel, falling short of the 406.58 million tonnes target by 6%.


Glencore sells Australian coal mine to Gupta's GFG Alliance

Glencore has agreed to sell one of two Australian coal mines it put up for sale last year to British industrialist Sanjeev Gupta's GFG Alliance for an undisclosed sum, the two companies said separately on January 2.


The acquisition follows Gupta's purchase last year of the financially troubled Wyhalla steel works in southern Australia, part of a plan to build an integrated steel business by buying the unwanted assets of other companies.


Coal India achieves 7.6% sales growth in Apr-Dec

Coal India has achieved a 7.6% growth in sales during April-December 2017 against the previous corresponding period when it achieved a 0.6% growth.


During this period, Coal India sold almost 421 million tonnes of coal reducing pithead inventory by about 37.5 million tonnes. In the previous corresponding period Coal India sold almost 392 million tonnes.


India's Singareni Collieries plans to produce 85 mln T of coal per year

In a year-review post published on its official Facebook page, state-owned Singareni Collieries Company Limited announced that it expects coal production to touch 85 million tonnes per annum in the next five years as it plans to open up 12 new mines.


The company's outlook is also based on the fact that during the fiscal year 2017 it produced close to 41 million tonnes of the black mineral. Production reached 5.67 million tonnes only in December, said the miner, while dispatches were of 5.9 million tonnes and 40.89 million cubic meters of overburden were removed.



(Writing by Zoey Yan  Editing by Jessie Jia)
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