By Reuters Staff
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MELBOURNE (Reuters) - South32 Ltd will provide up to $250 million in funds to smooth the sale of its South African energy coal business to mining group Seriti Resources, the company said on Thursday.
FILE PHOTO - A sign adorns the building where Australian miner South32 has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray
South32 will pay $200 million across a decade to partly fund costs of the environmental clean up of the mines of its South Africa Energy Coal unit once they close, and a $50 million facility to pay for the costs of restructuring some loss-making mining sites, it said.
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CHENNAI, April 1 (Reuters) - Coal India Ltd, the world’s largest coal miner, said on Thursday its annual production fell for the second straight year, as lower electricity consumption due to coronavirus-induced lockdowns hurt fuel demand.
The state-run miner produced 596.2 million tonnes of coal for the year ended March 31, compared with 602.1 million tonnes last year. Coal sales fell 1.3% to 573.8 million tonnes, the company said in a statement.
“Primarily, what hurt Coal India’s supplies was reduced coal lifting by the power Sector,” the miner said.
A lack of supplies has led to an inventory of 99 million tonnes, rising by about 25% from the same period last year, it added.
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Coal production declined 3.8%Coal India announced the provisional production and offtake performance of the company and its subsidiaries for the month of March 2021 and for FY2021 as under:
Coal production stood at 81.2 million tons in March 2021 compared to 84.4 million tons in March 2020, recording a decline of 3.8%.
Coal production of 596.2 million tons was achieved for FY2021, compared to 602.1 million tons in FY2020, recording a decline of 1%.
Coal offtake stood at 59.7 million tons in March 2021 compared to 53.4 million tons in March 2020, recording a growth of 11.9%.
Coal offtake was 573.8 million tons during FY2021, compared to 581.4 million tons in FY2020, recording a decline of 1.3%.