Coal India surpasses annual output target for first time in 17 years

Coal India announced that it had exceeded its annual production target of 700 million tonnes for the first time since the fiscal year ended in March 2006.

The world's largest coal mining company expects to end its financial year with production of 703.4 million tonnes, 13% more than the production of 622.6 million tonnes from the previous financial year.

"A volume increase of 81 million tons in one year by the end of fiscal 2023 would be an all-time high since the company's inception," the company said in a statement.

Coal India last reached its annual production target in 2006, when it produced 343.4 million tons against a plan to produce 343 million tons.

The miner, which accounts for 80% of India's annual coal production, is aiming for 780 million tons of production in the next fiscal year to fuel its energy companies, which are expected to burn 8% more coal this year.