NEW DELHI: Vedanta is planning to acquire coal mines via auctions as the mining conglomerate seeks to ensure fuel security for its energy guzzling aluminium plants. We will source our overall coal mix from low-cost imports and auctioned coal to optimise the cost in FY 2016-17. "Numerous initiatives are being taken to meet our coal requirements. We are also looking to optimise our coal mix further by securing linkage coal through the auction route," Vedanta Resources said.The government has not yet finalised the dates for holding the fourth round of coal mine auctions, which was annulled in December 2015. The government in December last year, annulled the process for fourth round on account of poor response from bidders in sectors like steel as well as depressed commodity prices and adverse market conditions.The fourth round of mines auction was slated for January 18-22, 2016.The previous three rounds of auction will generate more than Rs 3 lakh crore from sale of 30 coal mines.

Source: Economic Times June 12, 2016 06:11 UTC