Hindalco Industries, the metals flagship of the Aditya Birla Group, secured the Meenakshi Coal Mine in Odisha, boosting energy self-sufficiency and cost-efficiency for its operations. The project promises regional economic growth and job creation.
The Hindalco Industries successfully secured the Meenakshi Coal Mine allocation in Odisha through a vesting order from the Ministry of Coal, the company said in a press release on the stock exchanges.
The Meenakshi coal mine, with a Peak Rated Capacity (PRC) of 12 million tonnes per annum and geological reserves of approximately 285.23 million tonnes, will serve as a cost-effective and sustainable energy source for the company.
The Meenakshi mine will reduce Hindalco’s dependence on auctioned and linkage coal, which is currently 40% more expensive. This shift will provide a stable and affordable supply of coal for Hindalco’s smelters, reinforcing its position as one of the world’s lowest-cost aluminium producers.
In addition to operational benefits, the Meenakshi coal mine will also contribute to regional development. It is expected to generate around 16,000 direct and indirect jobs, improving local livelihoods and fostering economic growth.
Hindalco anticipates beginning coal production in CY2028, pending regulatory clearances and necessary approvals.
On December 31, 2024, Hindalco Industries’ share price traded 0.07% higher at ₹601.50 at 11:40 AM on the NSE. The stock opened at ₹601.40 higher than ₹601.10 at the previous close.
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