Coal ministry targets 1,012 MT production in FY24

Coal Ministry Action Plan 2023 -24 targets 1012 million tonne coal production

The coal ministry on May 3 announced an “action plan” to achieve a production target of 1,012 million tonne (MT) by FY 2023-24.

To enhance coal production and efficiency, the ministry had taken several steps, including settting up of Mining Developers and Operators (MDOs) to operationalise CIL mines and blocks and produce coal from abandoned or discontinued mines through revenue-sharing agreements, a statement said.

To reduce imports of coking coal, the ministry has developed a coal strategy focusing on Atamanirbhar Bharat. The capex target for FY 2023-24 was Rs 21,030 crore. The overall projected target of the assets monetization plan for FY 2024 was Rs 50,118.61 crore, the release said.

In FY 2022-23, the ministry signed agreements for 23 coal, with a cumulative peak rated capacity (PRC) of 33.224 MTPA, and these mines will generate revenues of Rs 4,700.80 crore at peak rated capacity.

The ministry also said that based on the positive responses for the sixth round of commercial auctions, it is anticipated that 25 coal mines will be allocated for commercial mining during the current fiscal year, it said.