Coal India to bid for three blocks in critical minerals auctions in February

State-run Coal India Ltd is set to bid for three blocks in critical minerals auctions conducted by the country’s mines ministry in February.

Coal India to bid for three blocks in critical minerals auctions in February

The company aims to participate in the auctions for lithium and nickel mines, reflecting a strategic move into the minerals sector. In addition to this, Coal India has explored lithium mines in Australia and is engaged in preliminary discussions about potential operations.

Coal India stocks accommodation maintained by power plants are currently at record highs, resulting in the miner lowering its annual production target for FY25 by 1.4% to 838 MT.

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The company is assumed to reach a production target of about 780 million metric tons in the current fiscal year. It earns a premium from e-auctions, or spot auctions while dragging the miner’s revenue growth for the October-December quarter to nearly 3%.

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The diversification aims to forward the company’s ambition to tap into the growing demand for resources crucial for renewable energy and other technologies. In February, Coal India’s e-auction accounted for 17% of its production and may increase more, in the next months.

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