New Delhi: Coal India targets more than 8 per cent growth in production at 660 million tonnes in 2019-20 compared to 607 million tonnes in the last fiscal and plans a capital expenditure of Rs 10,000 crore in the current fiscal, according to sources. The target for revenue from operations (net) has been fixed at Rs 1 lakh crore for FY2019-20, they said. The targets were fixed during a meeting between the Coal Ministry and Coal India (CIL) held recently. Also Read – SC declines Oil Min request to stay sharing of documents”CIL had signed the mandatory memorandum of understanding … with Ministry of Coal for its key performance areas for the fiscal 2019-20. Thus the coal production and offtake target for the year 2019-20 is 660 MT …. CAPEX target has been set at Rs 10,000 crore,” sources said. As laid down in the MoU 2019-20, the Maharatna PSU has to ramp up its coal production growth to 8.75 per cent over the previous year. CIL closed 2018-19 with a coal production of 606.88 million tonnes, against the MoU target of 610 million tonne. Also Read – World suffering ‘synchronized slowdown’, says new IMF chiefFurther to make the MoU more comprehensive, production efficiency and HR parameters have been included. Also, parameter relating to Central Public Sector Enterprises (CPSE) conclave are an added features of the MoU 2019-20. “The MoU for 2019-20 has been formulated on the lines of new DPE guidelines and finalised after discussions with the Pre-Negotiation Committee and Inter Ministerial Committee,” source said. Coal India which accounts for over 80 per cent of domestic coal output had set an internal aspirational target of 652 million tonne FY2018-19, but could not go closer to it as things did not fructify as perceived, sources had earlier said.
AngloGold Ashanti has appointed Kelvin Dushnisky as CEO and an executive director of the Board of Directors of AngloGold Ashanti, effective September 1, 2018. He joins from Barrick Gold Corpo, where he holds the role of President and Executive Director.“Following an extremely competitive global search, we’re pleased to name someone of Kelvin’s calibre and experience to lead this organisation,” AngloGold Ashanti Chairman Sipho Pityana, said. “Kelvin brings to us an impeccable set of values, a deep understanding of operating a large, complex global portfolio of mining assets and projects, and a keen familiarity of an evolving geopolitical landscape. He will head a strong, cohesive team committed to executing AngloGold Ashanti’s strategy of sustainably improving returns, through disciplined capital allocation.”Dushnisky, who will relocate to Johannesburg, where AngloGold Ashanti is based, replaces outgoing CEO Srinivasan Venkatakrishnan (Venkat), who departs at the end of August 2018 for a role at London-based Vedanta Resources. Venkat will cease to be a member of the Board with effect from 31 August 2018.“AngloGold Ashanti has a strong portfolio of assets and an exciting pipeline of organic growth opportunities,” said Dushnisky. “I’m honoured to be selected for this role, and look forward to working alongside a worldclass team in building on the excellent work already done, as we unlock the enormous potential that exists in the company.”Since his appointment as President of Barrick in 2015, Dushnisky held direct responsibility for Barrick’s overall business and the execution of its operating plans and strategic priorities. This role included oversight of Barrick’s activities across Australia, Africa, the Middle East, North America and South America. He also held responsibility for Barrick’s relationships with host governments, local communities and other external stakeholders.Prior to this, he held a range of progressively senior positions in Barrick since joining in 2002. He holds a B.Sc. (Hon.) degree from the University of Manitoba and M.Sc. and J.D. degrees from the University of British Columbia. He is a member of the Law Society of British Columbia, the Canadian Bar Association, the Business Council of Canada, the Institute of the Americas, the Canadian Council for the Americas (Vice‐Chair) and the Canadian Chamber of Commerce.Whilst at Barrick, Dushnisky represented the company at the World Gold Council and the International Council on Mining and Metals (ICMM). He is a member of the International Advisory Board of the Shanghai Gold Exchange and the Accenture Global Mining Executive Council. He is a Trustee and a member of the Board of Directors of the University Health Network.