Coal India (CIL) - the world’s largest coal miner is negotiating 10-year contracts with overseas suppliers in an attempt to protect Indian consumers from any volatility in global coal prices. The company is in advanced talks with suppliers in Australia, Indonesia, South Africa and the US for securing coal at 10% discount to the global benchmark price.
CIL is aiming to import at least 30 million tonnes of coal in fiscal 2011-12. The company is in negotiations with global firms such as Rio Tinto, Xstrata, Anglo American, Peabody, Massey Energy, Arch Coal, Murray Energy and Sinarmas since the state owned company did not get adequate confirmed responses from domestic consumers.
Further, the company now plans to import larger quantity of the fossil fuel as its expansion plans have been severely hit by factors such as new pollution norms and law and order issues at some of its mines.
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