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nate by end of this decade” DC Panigrahi, Indian School of Mines, 2022 Can CIL increase its reserves? Conclusions ? High degree of uncertainty on actual extractable reserves. Could be even lower than BT. ? Reserve uncertainty a serious risk to Coal India investors and investors in the coal/thermal power sector. ? Urgent need for an independent assessment of Coal India’s reserves, as stressed by numerous government mittees, expert panels and think tanks for the last 7 years. ? Coal shortage will be a chronic, not temporary issue, as long as power plants continue to be built. ? Imports cannot bridge gap, coal power plant capacity addition unattainable ? Continued coal dependence risk to energy security / economy Questions to Coal India ? When and how will CIL municate the reduced estimate of its reserves to investors and the exchanges? ? Will CIL explain why the UNFC figure differs so substantially from its earlier figures? ? Was CIL aware of the UNFC figures at the time of its 2022 IPO? If so, why did it conceal them from the market? ? What impact will the reduced reserves have on the pany’s share price, and production targets going forward? ? Is CIL’s consistent under production due to faulty calculations of its reserves? ? How accurate is this UNFC assessment, given that it has not taken into account issues like forest cover, water bodies, farm land? What is the scope for a further reduction in the extractable reserve? ? When will CIL mission an independent assessment of its extractable coal reserves? Questions to Coal India