Team News Riveting
New Delhi, February 16
Prakash Industries Limited (PIL), the diversified company having interest in mining, steel and power, has started despatching coal from the Bhaskarpara mines located in Chhattisgarh’s Surajpur district.
The company has received the mining lease for Bhaskarpara commercial coal mine in November 2024. It had been informed that the mine would start by the new year. The Government of Chhattisgarh had executed the Mining Lease, which has been duly registered in favour of the Company for mining of coal over a period of 30 years for its Bhaskarpara Commercial Coal Mine in District Surajpur.
After removing the overburden, PIL had announced that the coal extraction was expected to commence in the last quarter of the current financial year.
“The Company is pleased to inform that the coal extraction from its Bhaskarpara Commercial Coal Mine has commenced and the coal despatches to its Integrated Steel plant at Champa (C.G.) have started yesterday,” the company said in a regulatory filing today. The supplies of coal from the mine shall result in substantial cost reductions and efficiencies in its plant operations, it added.
Prakash Industries had emerged as the highest bidder for Bhaskarpara Coal Mine in Chhattisgarh in the auction conducted by the Ministry of Coal in 2019. The mine has an extractable reserve of 24.06 million tonnes and its coal is highly suitable for use in company’s integrated steel plant at Janjgir-Champa district in Chhattisgarh. Currently, the company was buying coal from CIL and foreign companies.
