Srinagar, June 11: Minister for Industries and Commerce, S S Slathia has said the government shall develop a new coal mine at Badhog, Kalakote envisaging about 6000 MT annual production to achieve self-sufficiency in coal.
 Announcing this while reviewing performance of J&K Minerals Limited here on Friday, the minister said the Mineral Exploration   Corporation Limited (MECL) too has been approached for undertaking detailed exploration of the coal in and around Kalakote area.
 He said a team of MECL after spot survey has identified huge reserves of good quality coal in Moghla and Bergoa areas at Kalakote. “About Rs seven crore are estimated to be incurred for undertaking detailed exploration in these two places,” he added.
 Meanwhile, the J&KML has set an all time high target of 30,000 MT of coal production during the current fiscal which is expected to generate revenue to the tune of Rs 12.60 crore.
 Commissioner/Secretary Industries and Commerce, Umang Narula, Managing Director, J&K ML and other officers concerned were present in the meeting.
 The meeting was informed that the Gypsum production has registered a growth of about 80 percent during last fiscal as against 2008-09. The corporation has envisaged an ambitious plan to enhance the Gypsum production/sale of 70,000 to one lakh MT yearly with effect from the current financial year which will generate revenue to the tune of Rs 7 crore per year.
 The Corporation has also decided to approach the Gem and Jeweller Export, Promotion Counsel of India for conducting auction of world famous sapphire (Neelam) on International Market as the quality of state’s sapphire crystals is very good that can fetch higher value.
 The Corporation has auctioned 5607.090 grams of sapphire in April this year which has generated revenue of over Rs 50.10 lakh. The stock of rough sapphire corundum/crystal in hand with the corporation is 8440.20 grms.
 The exploration of sapphire mines at Padder is being done through joint venture on the basis of notice of expression of interest floated at Global level.
 Slathia enjoined upon the corporation to further improve its revenue generation to make it self-reliant. He called for expansion and diversification of the activities adding that joint venture for Magnesite and Sapphire mines can prove backbone in this regard.
 He appreciated the management for bringing out the corporation out of red and enhancing its business revenue turn over to all time high of about Rs 15.59 crore during last fiscal. It is pertinent to mention that J&KML, which was incurring losses right from its inception i.e. 1962 has achieved a cash surplus of Rs 10464 lakh during last fiscal first time and has been able to pay salary to its employees regularly besides paying back outstanding pensionery benefits to its retired employees.

Lastupdate on : Sat, 11 Jun 2011 21:30:00 Makkah time
Lastupdate on : Sat, 11 Jun 2011 18:30:00 GMT
Lastupdate on : Sun, 12 Jun 2011 00:00:00 IST