Coal news and updates

Jharkhand to earn Rs 14k cr in coal royalties

Union coal minister Anil Swaroop on Monday said that Jharkhand would earn an annual royalty of Rs 14,000 crore from the coal sector after coal block auctioning, which would suffice half of the budget needs of the state in the coming days. Jharkhand's annual budget plan for FY 2014-15 is Rs 24,254 crore.

"Jharkhand can earn Rs 14,000 crores annually in royalties, which would be the biggest amount shared by any state in the country," said Swaroop. Following the de-allocation of coal blocks by the Supreme Court in September 2014, a total of 204 blocks will be auctioned soon. In total, 18 coal blocks were allocated in the first phase of auctions, of which two were from Jharkhand. The coal secretary informed that the blocks — one at Kathutia in Palamu district and the other in Latehar - were auctioned to the Central Coalfields Limited (CCL). "With CCL targeting one billion ton production by 2019-20, there would not be a need to import 200 million tonnes (MTPA) , which needs to be achieved annually," he said, while addressing the media.

Earlier in the day, Swaroop also met chief minister Raghubar Das to discuss land acquisition woes and delayed forest clearances that come as major hurdles for mining projects. "The CM is equally concerned about the bottlenecks and has assured time-bound clearances," Swaroop said. Citing illegal coal trading as a complex problem that cannot be solved overnight, Swaroop said that the onus will lie upon the companies to whom the blocks will be allotted. The second phase of auctions will commence from February 25.

source: http://timesofindia.indiatimes.com