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Fate of six coal blocks likely to be decided today

New Delhi, Mon, 17 Sep 2012 ANI

New Delhi, Sep 17 (ANI): The Inter Ministerial Group (IMG) on coal blocks will meet today to decide the fate of six more mines allocated to private firms that were issued notices for delaying production.

As of now, the IMG has recommended cancellation of seven coal blocks . The IMG is currently reviewing coal block allocations.

"The IMG may decide the fate of around six coal blocks in its next meeting scheduled for tomorrow," an official in the Coal Ministry said on Sunday.

On Thursday, the IMG had recommended de-allocation of four mines allotted to private firms and encashment of bank guarantee of three others on the ground of non-development of mines within the prescribed time.

The IMG, in its meeting, deliberated upon the cases of five companies which were allocated eight coal blocks and recommended four blocks, namely - Bramhadih Block allocated to M/s Castron Mining Limited, Chinora and Warora (Southern Part) Blocks allocated to M/s Fieldmining and Ispat Limited, Lalgarh (North) Block allotted to M/s DOMCO Smokeless Fuels Pvt. Limited, for de-allocation and deduction of Bank Guarantee in case of Marki Mangli-II, III and IV Blocks allocated to M/s Shri Virangana Steels Limited.

It also recommended that in the case of Utkal B2 Block allocated to M/s Monnet Ispat and Energy Limited, where there was substantial progress but no provision for BG, the allocattee may be asked to submit BG amounting to three years royalty within a period of one month from date of letter in this regard failing which the block may be deallocated.

IMG has been reviewing progress of coal blocks deliberated upon the action to be recommended in individual cases. The IMG had earlier heard the coal block allocattees who were invited to make presentations from 6th to 8th September 2012, and also obtained a status paper from Coal Controller/Ministry of Coal.

The IMG deliberated upon the broad parameters, which may constitute substantial progress of coal block and decided that purchase of GR, Approval of Mining Plan, Grant of Environment Clearance, status of Forest Clearance and progress made in land acquisition shall constitute a basic requirement for evaluating progress.

Physical status of End Use Plant (EUP), investment made and expected date of opening of mine and commissioning of EUP shall also be a material consideration.

Where there is no provision for Bank Guarantee (BG) and the block is not found fit for de-allocation and there is substantial progress, the IMG may recommend that the allocattee may be asked to submit a Bank Guarantee. The amount of Bank Guarantee that may be asked for would be fixed factoring in the time elapsed since the date of allotment. (ANI)

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