Financial Times reported that JSW Group’s Chairman & Managing Director Mr Sajjan Jindal in an interview told that he is lobbying Indian Prime Minister Mr Narendra Modi’s government to develop more coking coal deposits, which were nationalized until 2020. He said “We have to coking coal from Australia and Canada and we are sitting on such a large deposit so why don’t we have mission coking coal started? And Mr Modi, who is close to every business house in India which is growth oriented, which is nationalistic, which is willing to take big bets in this country, build big industries, immediately accepted. Now with these kinds of prices, there is a big opportunity and big incentive for the private sector to go out there and mine that coal and start using it.”Mr Jindal outlined plans to start mining in the Jharia coalfields in the eastern state of Jharkhand. He said “Jharia is estimated to contain 19.4 billion tonnes of coking coal, although the site has been controversial because of poverty and pollution in the communities that live and work there. Jharia is a densely populated area, and the government is also finding it very difficult to do resettlement of those people and open up those mines. The main operational challenge would be rehabilitation and resettlement of approximately 1 million residents.”He added that “JSW Steel had met Russian coal traders but was not offered a serious discount. It’s not very attractive to buy from Russia, and then also that would upset our customers in the US and in Europe.”
Financial Times reported that JSW Group’s Chairman & Managing Director Mr Sajjan Jindal in an interview told that he is lobbying Indian Prime Minister Mr Narendra Modi’s government to develop more coking coal deposits, which were nationalized until 2020. He said “We have to coking coal from Australia and Canada and we are sitting on such a large deposit so why don’t we have mission coking coal started? And Mr Modi, who is close to every business house in India which is growth oriented, which is nationalistic, which is willing to take big bets in this country, build big industries, immediately accepted. Now with these kinds of prices, there is a big opportunity and big incentive for the private sector to go out there and mine that coal and start using it.”Mr Jindal outlined plans to start mining in the Jharia coalfields in the eastern state of Jharkhand. He said “Jharia is estimated to contain 19.4 billion tonnes of coking coal, although the site has been controversial because of poverty and pollution in the communities that live and work there. Jharia is a densely populated area, and the government is also finding it very difficult to do resettlement of those people and open up those mines. The main operational challenge would be rehabilitation and resettlement of approximately 1 million residents.”He added that “JSW Steel had met Russian coal traders but was not offered a serious discount. It’s not very attractive to buy from Russia, and then also that would upset our customers in the US and in Europe.”
