Coal production by Coal India during April-September 2010 was up by just 0.7 per cent to 185.68 million tonnes over the corresponding period,but lower by nine per cent from its target of 203.95 million tonne.
“Coal production was 185.7 million tonne,which is 0.7 per cent growth over the corresponding period last year,” CIL director (technical) N C Jha said here today while addressing the CIL foundation day celebration.
The company said the production during the first half of the year was always low and ramped up in the second half of the year. The rainy season was a major cause for lower production.
The full year target of coal production by CIL was 460.5 million tonnes. Jha said the stock at pit-head was an area of concern and production management was taking it into account.
CIL ended 2009-10 with pithead stock of 63 million tonnes while only 15 million tonne was cleared so far.
“If company achieves the production target then pithead stock will jump to 85 million tonne and that is an area of concern for us,” Jha said.
Asked whether the stock and proposed 17-coal mining projects,which were yet to be cleared might force CIL to revise production,Jha said it was an area of concern.
Jha blamed lack of railways rake for low coal lifting from pit-heads. The requirement was 185 rakes a day,while the Railways could not provide more than 165 rakes. Meanwhile,CIL was also planning to improve coal quality in 20 washeries.
CIL targetted washed coal production of 311 million tonne or 40 per cent by 2017 from three per cent now.
CIL chairman Partha Bhattacharyya said coal production,which was growing by 5.7 per cent in 2007 had now increased to 6.5 per cent. Bhattacharyya expressed satisfaction on overwhelming response from the maiden issue of the company.
Speaking about interest by the foreign investors,Bhattacharyya said a total 770 QIB investors participated with USD 27 billion equivalent to 10 months of FII investment.
CIL held a total 175 roadshows across globe and met large 400 investors to promote the IPO.