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CIL to Step Up Outsourcing of Exploration and Production

Keeping an eye on achieving a 1-billion-ton-per-year target by 2020, outsourcing is the new mantra for Coal India Ltd., (CIL) for both exploration and production from domestic Greenfield and brownfield mine expansion. Since more than half of the targeted coal production by 2020 would come from greenfield coal projects, the Indian mining behemoth has decided for the first time to rope in external exploration agencies to conduct surveys and detailed exploration to determine “proven” reserves in new coal blocks under the fold of CIL.

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Coal India to Rationalize Domestic Coal Pricing in Current Year

Coal India Ltd. (CIL) will rationalize coal prices based on Gross Calorific Value (GCV) before the end of the current fiscal year, but ruled out any move to align it with the international price of coal.

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Anglo American to Sell Callide Mine

Anglo American will sell its 100% interest in the Callide thermal coal mine in Queensland, Australia, to Batchfire Resources. The transaction remains subject to several conditions precedent, and its terms are confidential.

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China Set to Slash Steel, Coal Output

China, the world’s biggest steel and coal producer, will cut excess steel capacity by 100 to 150 million metric tons (mt) in the two key sectors as part of the painful restructuring of the world’s second largest economy, according to The Economic Times.

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Czech Republic’s NWR is Evaluating its Options

New World Resources (NWR) published the preliminary analysis of its strategic review process during December. Management has been focused on reducing operational and overhead costs and achieving a balance sheet restructuring in 2014. Despite these efforts, the group is cash flow negative. Given the market conditions, they could remain cash flow negative for several years.

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