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Friday, 19 March 10
COAL INDIA TO HIT CAPITAL MARKETS IN JULY
India’s largest coal producer, Coal India Ltd (CIL), expects to hit the capital markets by July, company chairman Partha S. Bhattacharyya said here Friday.
The government, which holds 100 percent stake in CIL, will divest 10 percent through an initial public offer (IPO) of 63.1 crore (63 million) shares, Bhattacharyya told reporters on the sidelines of the 20th Asian Corporate Conference organised by industry lobby CII.
The company will reserve 6.3 crore (63 million) shares for its employees.
“We hope to file the draft red herring prospectus for the issue with Securities Exchange Board of India by mid-June post our annual general meeting,” Bhattacharyya said.
Bhattacharyya added that the company’s net profit would be around $1.7 billion in the current fiscal.
The company is now producing 430 million tonnes of coal, which is expected to reach 700 million tonnes over the next 10 years, Bhattacharyya said.
CIL has also secured exploration licences for two blocks in Mozambique and expects to start work there soon.
“We are expecting one billion tonnes reserves from these blocks,” he said.
Bhattacharyya also spoke about the company’s corporate social responsibilities. “As we are expanding our coal mining operations, its our responsibility to grow more trees than we have cut. We are passionately pursuing the afforestation programme.”
The company is adopting clean technology to reduce the impact of mining on the environment, he said.
Source: Business News - INAS
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Friday, 07 August 09
COAL-PRICE FORECAST RAISED AT MERRILL ON CHINA, INDIA DEMAND
Bloomberg reported that, Bank of America Corp.’s Merrill Lynch & Co. unit increased its price forecast for Asian power-station coal becaus ...
Friday, 07 August 09
CHINESE DEMAND FOR FOREIGN COAL SOARS
Mining Weekly reported that, Chinese coal imports rocketed by 126,3%, year-on-year, in the first half of this year, the country’s customs auth ...
Thursday, 06 August 09
RICHARDS BAY COAL SHIPMENTS FELL 3% ON YEAR IN JULY
Bloomberg reported that, Richards Bay Coal Terminal, Africa’s largest coal-export facility, exported 3 percent less of the fuel in July than i ...
Thursday, 06 August 09
NTPC LOOKS TO BYPASS STATE TRADING FIRMS ON COAL IMPORT
A reduced coal import bill for NTPC could lead to lower power tariffs
Live mint.com reported that, India’s largest power generation utility ...
Thursday, 06 August 09
CHINA JULY COAL IMPORTS AT 9.5 MLN T, DEMAND FIRM
* Coal imports at key ports in July 2.8 times year-ago levels
* July coal imports down nearly 40 percent from June
* China still buying overseas c ...
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