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News Brief | May 2013

High land prices make 36 mining projects unviable

Media reports indicate that high land prices prompted state-run miner Coal India (CIL) to cancel around 36 coal projects with estimated production capacity of 17.7 million tonne per annum in Maharashtra. The cost for 36 projects rose Rs 2,690 crore because of high land prices and all the projects have turned unviable, MK Singh, Chairman of Western Coalfields is quoted in a media report. With the existing cost of production, coal price from these projects may double, the report indicate. The elevated price of land made these projects unviable for the company.
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