coal mining news-Australia approved world’s biggest coal mines

Even as China and the United States, the world’s biggest energy guzzlers, move away from carbon-belching coal, Australia has shown it is hell-bent on mining it.

The federal government announced Thursday it had approved a proposal by Indian mining company Adani to build one of the world’s biggest coal mines in the northern state of Queensland.

The $12 billion Carmichael project involves an open-cut and underground mine covering an area five times the size of Sydney Harbor, making it the largest coal mine in Australia. 

Up to 60 million metric tons of coal will be dug up and shipped out of Australia via the Great Barrier Reef every year if the project goes ahead.

Coal mining news- CMPFO appoint 3 assets managers

The Coal Mines Provident Fund Organisation (CMPFO) has given a mandate to handle Rs 75,000 crore worth of assets to three asset managers.

This comes after three months of retirement fund body Employees’ Provident Fund Organisation (EPFO) allowing pension money to be invested in equities.

SBI Mutual Fund’s portfolio management division, Reliance Capital Asset Management and ICICI Securities Primary Dealership have been given the mandate to manage the CMPFO corpus for three years starting November 1. The money will come from CMPFO’s Coal Mines Provident Scheme. The three will be managing an equal amount of Rs 25,000 crore each.

CMPFO administer four schemes - Coal Mines Provident Fund Scheme, Coal Mines Family Pension Scheme, Coal Mines Pension Scheme and Coal Mines Deposit Linked Insurance Scheme. All the eligible employees in the coal industry, public and private sector, are covered under these.

Coal India, the country’s near-monopolist mining company, had a cash surplus of Rs 53,092 crore as on end-March 2015.

Those in the sector expect more such funds to be flowing from government institutions into stock markets. The government has said that in the coming years, the allocation from EPFO assets might go up to 15 per cent of the total, from the current  five per cent.

Fund managers have geared up for the opportunity as they expect large amount of corpus will find its way into the professional asset management space.

Coal mining news-source P T I & Business standard

Govt approves performance related pay for Coal India officers

Firm's officers had earlier sought PM's help in implementing performance-related pay

Press Trust of India  |  New Delhi October 14, 2015 Last Updated at 14:22 IST

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The government today approved the implementation of performance related pay for the officers of Coal India Ltd.

"We will give performance related pay to managerial and supervisory level official of Coal India," Communications and IT Minister Ravi Shankar Prasad said after the Cabinet meeting.

Welcoming the government decision, Coal Secretary Anil Swarup tweeted, "Coal India rewarded for sterling performance. Government approves Performance Related Pay (PRP)."

There are nearly 19,000 officers at CIL.

Coal India executives had earlier sought Prime Minister Narendra Modi's intervention for implementation of performance related pay (PRP) for officers of the world's largest coal miner.

The issue has been pending for long despite a high-level panel recommending its implementation.

Executives had last year called off a three-day strike after the first day as they received assurances from CIL management in this regard.

"We solicit your intervention with a high hope considering your reputation and image all over the world for fast and timely decision making so that a genuine case which unfortunately got so delayed does not suffer any more," Coal Mines Officers' Association of India (CMOAI) had earlier said in a letter to the Prime Minister.

CMOAI had earlier said that PRP is a part of pay implemented since January 1, 2007 and has been paid to all executives of other entitled PSUs, barring Coal India (CIL).

Earlier, the Coal Ministry had sought comments from various ministries, including Finance, on the draft Cabinet note for implementation of PRP of CIL employees.

The government had earlier floated a draft note to seek the approval of the Cabinet for permitting loss-making and marginally profit-making subsidiaries of CIL to adopt 2007 pay revision as an exception to the prescribed affordability clause and payment of performance related pay to the executives of all subsidiaries of CIL.

Coal mining news- Source P T I

Goyal to inaugurate 2 WCL coal mines by month-end

In past seven months, Western Coalfields has opened 8 mines, says Coal Minister Piyush Goyal

Press Trust of India  |  New Delhi October 11, 2015 Last Updated at 11:13 IST

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Coal and Power Minister Piyush Goyal will inaugurate by month-end two mines of Western Coalfields Ltd, an arm of Coal India which is working towards meeting one billion tonnes production over the next 5 years.

ALSO READ: Coal India to adopt multi-pronged strategy to raise output

"Towards the end of October, probably around 25th, I am going to open two more mines," Goyal said.

In the past seven months, WCL has opened eight mines, he said, adding, "ever heard in the history of India that the government company is opening 10 mines in 10 months".

In 24 months, starting from March, WCL would have opened 24 mines, he added.

According to a WCL official, two mines to be opened this month are Dinesh open cast project having a production capacity of 4 million tonnes per annum and Yekona open cast project with 2.75 mtpa.

Both mines are greenfield projects.

Although the government is optimistic that CIL will meet the billion tonne production target by 2020, the Maharatnafirm recorded an output of 37.17 million tonnes in September, missing the target of 38.77 million tonnes or by 4.1 per cent.

CIL had missed the production target for 2014-15 by 3 per cent, recording an output of 494.23 million tonnes. The company accounts for more than 80 per cent of the domestic coal production.