India produces 86 major minerals, contributing about 2.5% to India’s GDP. According to Economic Survey 2010-11, mining and quarrying grew at around 6% in 2010-11 compared with a growth of 1.3% in 2008-09. Indian mining industry is characterized by a large number of small operational mines. The majority of Indian Mines are located in the state of Andhra Pradesh, Gujarat, Jharkhand, Madhya Pradesh and Maharashtra, consuming more than 50% of Indian mining sector. These states are covering major number of coal bocks of India which is having tremendous need for power sector.
India is the 3rd largest producer of coal in the world. Demand for the Coal is expected to increase to 730 Million MT p.a. by 2011-12. This sector is expected to grow rapidly, driven by the increasing gap between power supply and demand due to rapid economic growth. But the existing opened coal blocks can satisfy only 54% of electricity generation. So overall, Rs. 70,000 Crores of Investment Opportunities are available in Coal mining in next 5 years.
Montecarlo focused in the Tenders for Mine Developer cum Operator (MDO) for Open Cast Projects for removal of Over Burden and Extraction of Coal / Lignite from Mines in India. The activities in the said director was started early since 1997-98 and captured its pace with coal blocks opportunities in 2009 due to introduction of a competitive bidding process for allocating coal blocks for captive mining and establishment of Coal Regulatory Authority to create a level playing field in the coal sector.
The company has executed many industrial OB removal and excavation projects from various private and public bodies including current projects under subsidiaries of Coal India Limited. Presently, Mining team of Montecarlo is exploring various opportunities in Removal of Over Burden & Bulk Material Handling Technologies and Extracting Coal and other minerals from open cast mines.