India’s June Coal Production Drops 3 Percent on Year

Reuters reported that as a result of heavy rain, in June, India produced 3 percent less coal than it did during the year-ago period. The country’s target was 44.73 million tonnes; Coal India Ltd. (BSE:533278) was only able to put out 35.23 million tonnes.

As quoted in the market news:

India, which relies on coal to fuel more than half of its power generation, struggles with frequent power cuts due to insufficient supplies of coal and gas, which hinders economic growth and forces the nation to seek costly imports.

It mined 40.46 million tonnes of coal in June, much lower than 43.23 million tonnes dug out in the prior month, provisional figures obtained from a government source showed on Thursday.

Click here to read the full Reuters report.