India Getting Ready to Accept Coal Mining
February 4, 2015
Mining news out of India could have a global impact.
According to several articles, the country is attempting to open up its coal sector, with plans to possibly allow commercial coal mining in the near future.
India's Minister for Coal and Power told one news organization that private companies could soon be allowed to mine and sell coal in India. The remarks came in late January during the World Economic Forum in Switzerland. The minister went on to say that he would be dealing with bids for captive mining from power, steel and cement companies first. He said he would then consider opening up the sector to commercial coal miners.
The country is expected to hold auctions for those private firms to mine and sell coal in the near future. The first step will be to deal with mines that are directly linked to plants to use the fuel.
Late last year, India passed an executive decree to open up the country's nationalized coal industry. This was done in an effort to boost coal output and cut imports. This would be the first time in 42 years that India will allow private firms to mine and sell coal.
In the next few years, India may very well overtake the United States as the second-largest consumer of coal in the world, trailing only China.
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