Modalities for diversification into new minerals to be ready soon: CIL

KOLKATA: State owned Coal India Limited on Wednesday said the modalities for diversification into new mineral mining was expected to be ready in the next few months.

"We have just decided on diversification 2-3 months ago. Still working on the modalities. We hope to ready the modalities in next few months," Coal India chairman and managing director Gopal Singh said here on the sidelines of MGMI organised 7th Asian Mining Congress.

Coal India has been contemplating foray into new minerals and metals like iron-ore, nickel, bauxite and copper to harness its mining expertise.

CIL sources said diversification into new metals and minerals will not hinder or cause any conflict with coal production targets.

"Doesn't matter. It is like two verticals. Coal group will look into coal while a new group can focus on new areas," Singh had said when asked if foraying into new minerals was feasible.

We have to grow the company and we are working on diversification plans, he said.

He, however, denied that Coal India lacks internal expertise in mining even as it expands its mineral portfolio.

Our core strength is mining, be it coal or iron ore or anything else, and Indians are experts in these and have been successful in whatever mining ventures are undertaken, Singh said.

Speaking on coal production target for FY18' of 600 million tonne Singh said, "look at the amount of coal production in September and October and even this month. The team is fully geared up and we are trying to achieve the target. The signs are very positive."