Coal India Africana Limitada (CIAL), a subsidiary of Coal India in Mozambique, undertook explanatory activities which includes drilling of around 35,000 metre in the two coal blocks in the last fiscal, it said.
As part of the drive to ramp up production, Coal India Ltd is assessing the reserves at its twin mines in Mozambique.
"A geological report is under preparation based on the outcome of the exploration programme carried out so far," CIL said in its annual report.
Coal India Africana Limitada (CIAL), a subsidiary of Coal India in Mozambique, undertook explanatory activities which includes drilling of around 35,000 metre in the two coal blocks in the last fiscal, it said.
"Around 15,000 meter of geo-physical logging has been carried out in FY'14," CIL said, adding that the coal samples were being analysed at the labs of Council of Scientific & Industrial Research (CSIR) and Central Mine Planning & Design Institute Ltd (CMPDI).
CIAL had won 5-year licence for exploration and development of mines in Mozambique in August, 2009. Two coal blocks - A1 and A2 - at Motaize in Tete Province of Mozambique, are spread over 200 sq km. CIL had earlier said that it plans to form a panel of consultants which would help the PSU in acquiring, developing and operating coal mines overseas.
The coal major is eyeing assets abroad to meet the domestic demand. CIL had earlier invited bids from bankers and interested parties for acquiring assets abroad.
The Coal Ministry had earlier said that acquisition of coal mines overseas should be done in an aggressive manner to meet the country's energy requirements. In order to tide over the fossil fuel shortages, the government is also planning to import coal.
Coal India stock price
On August 22, 2014, Coal India closed at Rs 374.50, up Rs 3.25, or 0.88 percent. The 52-week high of the share was Rs 423.50 and the 52-week low was Rs 240.50.
The company's trailing 12-month (TTM) EPS was at Rs 20.04 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 18.69. The latest book value of the company is Rs 26.04 per share. At current value, the price-to-book value of the company is 14.38.
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