MINING
Govt set to organise roadshow on offshore mineral block auction at Porbandar
The Indian government is hosting a roadshow in Porbandar, Gujarat, to promote the sale of offshore mineral blocks. The event will detail the auction process for 13 blocks, including lime mud off Gujarat's coast and other resources in the Arabian Sea and Andaman Sea. Experts will discuss the mineral potential and the transparent e-auction platform.
Jharkhand govt initiates process for legal action to realise 'coal dues' from Centre
The Jharkhand government has initiated legal proceedings against the central government to recover Rs 1.36 lakh crore in outstanding coal dues. The state government authorized the Secretary of Revenue to commence legal action following a cabinet meeting decision.
Girl power in action: Singareni Collieries to allocate 2 mines for women staff to operate
Singareni Collieries Company Ltd (SCCL) is set to dedicate two coal mines, one opencast and one underground, exclusively for women employees. This initiative aims to promote gender inclusivity in the mining sector. The mines are expected to be operational next month, following a training period for the women employees.
Hindustan Copper tightens contract eligibility norms post CAG report
Hindustan Copper (HCL) has strengthened its contract award criteria following scrutiny from India's Comptroller and Auditor General (CAG). The CAG criticized HCL for awarding a significant mining contract to a financially unstable firm, IVRCL, despite the company being blacklisted by other entities. HCL now incorporates stricter financial checks and quarterly performance-based penalties in its contracts.
Adani's Kutch copper refinery to help cut reliance on imports: Mines ministry
India anticipates achieving self-sufficiency in refined copper by early 2025 with the Adani Kutch Copper Refinery reaching full capacity. Currently, India imports a significant amount of refined copper, primarily from Japan. Several Japanese smelters have applied for BIS certification to supply copper to the Indian market, ensuring sufficient supply during the transition.
No disruptions in copper supplies due to quality control: Mines Ministry
The Mines Ministry has implemented quality control orders for copper, effective December 1st. Eight domestic and international suppliers are currently BIS-certified, with two more expected by mid-December 2024. The Ministry assures there will be no supply disruptions or price manipulation, despite concerns from the domestic industry. Non-compliant sales are now prohibited under the BIS Act.
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CAG flags poor exploration by Hindustan Copper
India's Comptroller and Auditor General (CAG) criticized Hindustan Copper Limited (HCL) for its lack of greenfield exploration in the past 30 years. HCL submitted only eight greenfield exploration applications since 2010, which remain unapproved. Despite being a 'notified exploration agency', HCL hasn't focused on greenfield exploration and lacks a clear exploration policy for its existing copper mines.
Centre tightens rules on district mineral foundations, plans to halt funds for non-compliance
The central government has strengthened its oversight of District Mineral Foundations (DMFs), introducing stricter guidelines for fund expenditure. Non-compliant states risk losing funding, and investigations can be launched into mismanagement. DMFs, funded by mining companies, are intended for welfare projects in affected districts.
India targets 1080 million tonne coal production for this fiscal: Minister
India focuses on coal power for growth. The nation targets 1080 million tonnes of coal production next fiscal. 27 coal mines are up for auction. This includes 20 new mines and seven from a previous round. The mines are expected to generate about Rs 1,446 crores annually. The government encourages switching from imported to domestic coal.
Govt offers 27 coal blocks in fresh round of auction beginning Thursday
The Indian government is set to auction 27 coal blocks across several states on Thursday. This 11th round of commercial auctions includes 20 new blocks (10 fully and 10 partially explored) and 7 re-offered blocks from a previous round. The initiative aims to boost regional economies and generate nearly 20,000 jobs, with an estimated annual revenue of Rs 1,446 crore.
Telangana auctions limestone mines in a first for the state
Telangana has joined 12 other states in the mineral auction regime by bidding out two limestone blocks, eight years after the MMDR Amendment Act. Deccan Cements and NCL Industries have acquired these blocks. The state is also being urged to auction iron-ore and manganese blocks. Tamil Nadu and Arunachal Pradesh are also part of this mineral auction initiative.
India plans global pacts for processing offshore minerals
India has initiated its first auction for offshore mineral blocks, including construction sand, lime-mud, and polymetallic nodules and crusts, in the Arabian Sea and Andaman Sea. The event saw participation from international representatives and potential bidders can submit bids by February 2025-end. India plans to launch a National Critical Mineral Mission to bolster supply chains.
Mines Ministry launches first-ever tranche of 13 offshore mineral blocks for auction
India began auctioning 13 offshore mineral blocks. These blocks are in the Arabian Sea and Andaman Sea. They contain resources like construction sand and lime mud. The auction marks India's first foray into undersea mining. The government amended the Offshore Areas Mineral Act in 2023. This amendment mandates auctions for offshore mineral block allocation.
India's iron ore production rises 4 pc in Apr-Oct
India's iron ore production rose by 4.1% to 158.4 million tonnes in the April-October period of the current fiscal year, showing strong demand from user industries like energy, infrastructure, and automotive. Additionally, manganese ore and bauxite production saw significant increases, while primary aluminium and refined copper production also grew, indicating robust economic activity.
Coal Mines: NLC, ACC among eight top bidders
Eight companies, including NLC India, ACC, and JSW Energy Utkal, secured coal blocks in India's tenth commercial mining auction. NLC won the New Patrapara South block, ACC secured Sarai East (South), and JSW Energy Utkal won the Bartap mine. The auctioned mines hold about four billion tonnes of geological reserves and are projected to generate ?1,446 crore in annual revenue.
Govt completes auction of 24 critical, strategic mineral blocks in four rounds
India successfully auctioned 24 critical and strategic mineral blocks, including four mining leases and 20 composite licenses, in four rounds. The latest round saw ten blocks awarded, with two going to Satguru Mining and Assam Mineral Development Corp for graphite and other minerals respectively. These minerals are crucial for clean energy technologies.
Coal India plans to develop 36 new mines in next 5 yrs: Govt
Coal India plans 36 new coal mines in the next five years. Singareni Collieries will develop seven new mines. NLC India will open two new blocks. India produced almost a billion tonnes of coal last year. New mines require land and may impact the environment. Environmental assessments are conducted for each project.
Offshore mineral blocks: Govt to launch 1st round of auction on Thursday; 13 mines to be on sale
India is set to auction 13 offshore mineral blocks in the Arabian Sea and Andaman Sea on November 28, 2024. This groundbreaking initiative marks the country's first foray into undersea mining, targeting resources like construction sand, lime mud, and polymetallic nodules crucial for infrastructure, technology, and green energy.
Vedanta to invest $2 bn in Saudi copper projects
Saudi Arabia secured $9.32 billion in metal and mining investments from companies like Vedanta and Zijin Group. Vedanta will build copper facilities, while Zijin will focus on zinc, lithium, and copper production. Hastings Technology Metals and Platinum Group Metals will also develop processing facilities for rare earth elements and platinum group metals, respectively, furthering Saudi Arabia's Vision 2030 diversification plan.
Vedanta demerger moves ahead as NCLT clears way for meetings of shareholders, creditors
The Mumbai bench of the NCLT has directed Vedanta Ltd to convene a meeting of its creditors and shareholders within 90 days to discuss the proposed demerger. The demerger, already approved by 75% of secured creditors, aims to create independent entities for Vedanta's diverse businesses, simplifying its structure and attracting global investors.
Adani's Australian coal unit faces human rights complaint
Australia's Human Rights Commission is reviewing a complaint filed by an Aboriginal group against Adani's Carmichael coal mine. The group alleges racial discrimination, claiming Adani employees obstructed their access to culturally significant sites. Adani denies the allegations, stating they operate responsibly and in partnership with the majority Traditional Owner group.
Include coking coal in the list of critical minerals: NITI Aayog report
NITI Aayog recommends adding coking coal to the critical minerals list. This move aims to boost domestic production and secure coking coal supply for the Indian steel industry. The proposal includes setting up two special purpose vehicles to expedite coal mining and logistics projects. NITI Aayog also suggests amending the Coal Bearing Areas Act for smoother private sector participation.
BEML gets Rs 246.78 crore truck supply order from Central Coalfields
BEML has received a significant order worth Rs 246.78 crore from Central Coalfields Ltd (CCL) for the supply of 48 BH60M rear dump trucks. These trucks, equipped with advanced safety features, will be used in CCL's mining operations, supporting India's growth in the mining sector.
JSW Steel emerges preferred bidder for Codli mineral block XII in Goa
JSW Steel has been named the preferred bidder for the Codli Mineral Block XII in Goa, India, with a bid of 92.60% of the value of mineral dispatched. The block holds an estimated 48.5 million tonnes of iron ore resources.
Govt plans to auction offshore mineral blocks in 2-3 months: G Kishan Reddy
India's government is gearing up to auction off approximately 10 offshore mineral blocks within the next few months, aiming to boost domestic mineral production. This move follows the amendment of the Offshore Areas Mineral Act to enable auctioning for production leases.
Debt at Vedanta Resources cut by $4.7 billion: Anil Agarwal
Vedanta Resources has reduced its debt by USD 4.7 billion. The company achieved its highest-ever EBITDA in the first half of the current fiscal year. Vedanta aims to increase production levels across its subsidiaries. The company is committed to sustainability and using renewable energy sources. Vedanta's demerger plan is on track and will result in six independent companies.
India's coal import rises 8% to 140.60 MT in Apr-Sept
India imported more coal in the first half of this financial year. The import figure reached 140.60 million tonnes. This is a 7.8 percent increase compared to the same period last year. However, September saw a dip in imports. Domestic coal production increased by 6 percent, reaching 453 million tonnes.
JSW Steel to not invest in Banai & Bhalumuda Coal Block after winning bid
JSW Steel has decided to withdraw its investment from the Banai & Bhalumuda Coal Block in Chhattisgarh. The company, which won the bid for the mine in March 2023, cited techno-commercial viability concerns as the reason for its decision. The Ministry of Coal terminated the deal on Thursday. The coal block was expected to produce over 1.
India, Kazakhstan to set up a JV in critical minerals sector
India and Kazakhstan have partnered to establish IREUK Titanium Limited. The joint venture will produce Titanium Slag in India. This marks India's first such venture in Central Asia. The company will process low-grade Ilmenite into high-grade titanium feedstock. This initiative aims to develop the titanium value chain within India and create employment opportunities in Odisha.
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