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Source: Getty

World's Top Coal Producer To Shut Down 37 Mines In India

By Brian Spaen

The world's largest coal company is feeling the pressure of solar energy prices falling, and they will need to scale back in order to limit their losses. Coal India has announced that they will be closing 37 coal mines in the next nine months. It’s another big blow that continues the downward trend of the coal industry.

The Telegraph India reports that in a company review, nine percent of their mines, all underground, would not be able to turn a big enough profit to pay the salaries of their workers. They’ve been declared economically nonviable and informed the Bombay Stock Exchange of their decision. By closing these mines down, the company will save around $124 million USD.

Underground mining has been targeted due to how expensive it is to produce coal. It’s a popular method as they’re able to retrieve higher-ranked coal, and these kinds of mines accounted for over 50 percent of all mines under the Coal India umbrella. With 37 of them closing down, there would be more open cast mines in India in March 2018.