NEW DELHI | Jan 21, 2016: The progress made in auctioned and alloted coal blocks to companies including SAILBSE 1.69 %, Hindalco and NTPC is "satisfactory", according to officials.

As the government eyes an ambitious 1.5 billion tonnes of coal production by 2020, it is reviewing the progress made by the mines that have been alloted.

"On Wednesday the Coal Ministry reviewed the status of schedule III coal mines/blocks allocated and found it to be quite satisfactory," an official said.

With regard to the milestones such as mining lease application, submission of mining plan, forest clearance set for development of the block, the companies were ahead of the schedule, he said.

In total, 32 blocks located in the states, Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Odisha and Telangana were reviewed this week, the official said.

Some of the blocks reviewed were NTPC's Talaipalli, Chatti Bariatu, Chatti Bariatu (South), Dulanga and Kerandari mines, SAIL's Sitanala mine, Adani Power's Jitpur mine, GMR Chhattisgarh Energy Ltd's Ganeshpur mine, Hindalco Industries Dumri mine and JSW Steel's Moitra mine among others.

The government had last year in three tranches auctioned 31 coal mines and made an allotment of 42 coal blocks to central or state government companies.

The auction and allotment proceeds from 73 coal mines have touched over Rs 3.44 lakh crore over the life of the mine, which shall be devolving entirely to the coal producing states.

However, the government had to cancel the fourth round of mines auction, which was scheduled for this month on account of poor response from bidders in sectors like steel due to depressed commodity prices and adverse market conditions.

(Source: http://economictimes.indiatimes.com/)