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Coal India will shut down 65 mines that were deemed unprofitable, in order to cut operational expenses. Out of those, 62 are underground mines and 37 are expected to close before the end of 2017. “There is no justification to allow these mines to be a drag on the Coal India’s balance-sheet. We can save some money on administrative cost and raw material by shutting down production,” said an official from coal India.
In total, Coal India runs 413 mines, and many of them are unprofitable or are artificially supported by price mechanisms. This is not the first time the company tries to close some of its mines: in 2010, between 30 and 40 mines were in line to be closed but the decision was revoked.
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