Hyderabad: State-owned coal mining giant Singareni Collieries Company Limited is eyeing overseas coal mines and will soon announce an EoI (Expression of Interest) for exploration in South Africa, Australia and Indonesia.
“We are looking for greenfield mines and the mining in these countries can yield 5 MTPA coal; the EoI is likely to be published in the second week of April,” said N. Sridhar, chairman and managing director of SCCL.
“We formed a task force which gave an initial report and accordingly we are publishing the EoI. We may acquire 100 per cent of coal mines there or may go jointly with the local companies or even tie up with Coal India, NMDC etc.,” he said at a press conference here on Thursday.
SCCL is also aiming to import 1 million tonne of coal initially to reduce the demand-supply gap and meet small and high value customer requirements.
With capital expenditures of Rs 2,390 crore, the company has tasked itself to produce 56 million tonnes of coal this financial year and is targeting to produce 75 million tonne in the next five-year period.
The company has also started surveying Bayyaram mandal of Khammam district for iron ore in collaboration with Geological Survey of India, and the state geology and mines department. It will give its report in another 45 days stating the quality of iron ore, Mr Sridhar said.
Explaining that the SCCL had got Tadicherla and Naini coalfields as well, Mr Sridhar expressed hope that the company would meet the requirements of the new power projects of TS on the anvil.
Admitting poor performance as pointed out by Comptroller and Auditor General, he blamed lack of application of new technologies as the main reason. He added that the company had clocked a net profit of Rs 418 crore.
