Australia’s election bodes ill for Adani coal mine project; analysts claim boom has ended

A crash in Australian thermal coal prices is raising fresh questions about the viability of a controversial $4 billion coal mine just a week ahead of a national election in which climate change is a key issue. Final approval of the Carmichael coal mine in Queensland, owned by India’s Adani Enterprises, should come in “a […]

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China says to step up efforts to further slash steel and coal overcapacity this year

Chinese authorities said the country will press ahead with the efforts to cut excess capacity in key areas, including coal and steel sectors, this year, according to the official Xinhua news agency. In 2019, the government will focus on structural capacity cuts and promote the systematic improvement of production capacity, it quoted a circular jointly […]

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WGC nudges government of India to enforce its norms for buyers and sellers of digital gold

The World Gold Council (WGC) has developed a set of guidelines for digital gold, which includes norms for both, investors and service providers in this space. The standards, which have been designed to protect investors and promote best practices, highlight the fact that there is a need to provide for investors’ safety when they buy gold on the internet, […]

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India’s GDP may grow at 7.3% in FY20: Ind-Ra

India Ratings and Research (Ind-Ra) has revised India’s gross domestic product (GDP) growth estimate for fiscal 2019-20 to 7.3 per cent from 7.5 per cent earlier. The predicted lower-than-normal monsoon, the continued agrarian distress and the loss of momentum in the industrial output growth are being cited as the key reasons for the downward revision. […]

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Higher price, poor quality result in 2.24 million tonnes unsold iron ore inventory in India’s Karnataka

Higher price and poor quality led to an unsold iron ore inventory of 2.24 million tonnes in 2018-19 in Karnataka, according to industry body KISMA. The development assumes significance as a group of mining dependents in Karnataka had earlier requested the Supreme Court-appointed panel to allow free iron ore trade and give preference to local […]

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Gold demand up 7% in Q1, boosted by central banks’ buying and India: WGC

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Global demand for gold grew to 1,053.3 tonnes in Q1, up 7 per cent year-on-year, according to the latest report by the World Gold Council (WGC). A big reason for the stronger demand is central banks, which continued to buy gold for diversification and liquidity purposes. Another is improvement in the India market. Central banks around the […]

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India’s steel ministry is considering alternate mineral auctions

India’s Steel Ministry is seeking to simplify and further liberate mining policy, including combining the two-stage auction of mineral blocks into a single stage bidding process. The Steel Ministry feels that single stage bidding for mineral blocks will lower the impact of skyrocketing premiums that result from the multiple stage bid process as followed at […]

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