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Coal India annual production drops for second straight year

Sudarshan Varadhan
·1 min read
FILE PHOTO: Worker shovels coal in a supply truck at a yard on the outskirts of Ahmedabad

By Sudarshan Varadhan

CHENNAI (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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"With the expected demand revival during summer months of Q1, the company has sufficient buffer to meet any surge and the stocks would be reduced substantially."

(Reporting by Sudarshan Varadhan; Editing by Rashmi Aich)