World’s largest coal miner going gangbusters
Hopes are high that India, set to overtake China as the world’s most populous nation during the next decade, could take over the role of China as the world’s growth engine.
China’s coal production and consumption peaked last year after being responsible for 80% of global coal consumption growth since 2000.
As far as thermal coal is concerned India has already overtaken China as the world’s top importer and domestic production is ramping up just as China’s starts to decline.
According to latest government data state-owned Coal India’s production grew 9.4% in the April-August 2015 period helping total coal output in the country to grow to 187 million during the second quarter.
Coal India’s growth will only accelerate from here – the company said there was a whopping 37% increase in overburden removal at its open pits during the April-September 2015 period.
That would lead to additional tonnage of at least 50 million in the current fiscal year following 32 million tonnes of new supply from the company in 2014.
Delhi’s target for Coal India is 1 billion tonnes by 2020 with private sector mining contributing another 600 million tonnes by that time to make the country less reliant on imports.