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Adani Not Interested in Commercial Coal Mine Auctions

Coal News - Published on Tue, 11 Aug 2020

Image Source: Adani Coal Mine Auctions
Reuters reported that when asked to comment on these coal mining reforms and if Adani would participate in domestic auctions for coal mines, Adani Group’s Chief Financial Officer r Jugeshinder Singh in an investor call said that he would restrict participation to mining services. He said “Not really until and unless it related to mining services, not commercial coal mining.”

Following the press conference, the company in a brief statement to Reuters downplayed Singh’s comments stating it would be open to participate in the auctions, depending on coal demand and opportunities offered by the government. Earlier on the call, Singh had said Adani Group was deemphasising commercial coal mining. He said “Coal-related and mining-related businesses are becoming an increasingly insignificant part of the group’s portfolio. Carmichael project in Australia would be less ambitious than initially envisioned. Carmichael rather than being a mining business is now a support business for Adani Power.”

Adani Group’s position highlights the struggles of the global coal sector, which has been battered by low prices and falling demand. It also highlights challenges India will face in attracting private sector investors into coal as it attempts to become a net exporter. Globally, investors are shying away from coal assets amid increasing pressure from climate change activists on large international miners and banks.

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Posted By : Yogender Pancholi on Tue, 11 Aug 2020
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