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    Vedanta Limited emerges highest bidder for the Jamkhani coal block in auction

    Synopsis

    ​​The approved per annum capacity of the mine is 2.6 million tonnes with an extractable reserve of 114 million tonnes. Once operational, it will provide fuel security, improve power availability and further strengthen the company’s aluminium operations and performance.

    ET Bureau
    Kolkata: Vedanta Limited has emerged as the highest bidder for the Jamkhani coal block in Sundargarh district, Odisha, in the tenth lot of the captive coal block auction conducted by coal ministry. The coal block is located close to the company’s aluminium smelter at Jharsuguda. It is also expected to be useful for the company in terms of annual capacity, reserves and readiness to produce, Vedanta said in anofficial statement.

    The approved per annum capacity of the mine is 2.6 million tonnes with an extractable reserve of 114 million tonnes. Once operational, it will provide fuel security, improve power availability and further strengthen the company’s aluminium operations and performance.

    This is the company’s second coal block after the Chotia coal block in Chhattisgarh that has an annual capacity of 1 million tonne. Speaking on the development, Anil Agarwal, executive chairman, Vedanta Resources Ltd said: “This will make us more self-sufficient in energy and aid our progressive plans."
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    1 Comment on this Story

    Niveza Equity Research309 days ago
    Mining major, Vedanta Ltd stock has tumbled despite of reporting high growth of 44% jump in Q2FY20 profits. The company has reported consolidated profit at Rs 2,730 crore for the September quarter compared with Rs 1,900 crore in the same period last year. The rise in profit is due to one-time deferred tax benefit of Rs 1,891 crore in this quarter. On the other hand, Vedanta’s Aluminium and Power business has won Jamkhani coal black. The event is expected to benefit the company. But the volatile metal prices as well as drop in sales has poised hindrances for the stock in short term phenomenon.
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    The Economic Times