The closure of 88 iron-ore mines in the western Indian coastal province of Goa since March 2018 has resulted in a revenue loss of $832-million a year, according to a study by Federation of Indian Mineral Industries (FIMI). According to FIMI, the closure of the mines for the past one-and-half years has resulted in more […]
According to a report in The New York Times, the top diamond miners in the world, including the two largest, Alrosa and De Beers, are facing a huge inventory problem. So do many of the cutters and polishers who buy the rough stones and sell them to retailers. At every stage of the supply chain […]
Indonesian mining ministry authorities have announced that they would enforce a total ban on the export of raw ore exports by 2022 to make miners process minerals in the country, says a report from Reuters. Based on a 2017 mining regulation, Indonesia is due to stop allowing the export of unprocessed ore starting Jan. 12, […]
Anil Agarwal, the billionaire metals tycoon, has told Prime Minister Narendra Modi that the Centre should privatise five mining firms including NMDC to save some of the $400 billion that India spends annually on imports. The Vedanta Resources chairman, who was one of the three industrialists invited for a pre-Budget meeting that Modi had with […]
India’s largest power producer, National Thermal Power Corporation (NTPC), has set a target of mining 10.4-million tonnes of coal from its captive mines during 2019/20. According to a company statement, NTPC had set the coal production target in its memorandum of understanding (MoU) signed with the Power Ministry, which also stipulated that the utility would […]
A delay in the auction of iron ore mines, whose licences are expiring by March next year, could hit steel production significantly in the country, a report by India Ratings (Ind-Ra) has cautioned. Licences of 288 merchant mines, of which 59 mines are under operations, will expire by March next and if the auction of […]
As many as 100 virgin mineral blocks across the country are ready for online auctions, said Union minister for mines, rural development, parliamentary affairs and Panchayati Raj Narendra Singh Tomar. “So far, 53 mines have been auctioned. The electronic auction of these assets has brought in incremental revenue of Rs 1.43 trillion to states. The additional revenue […]
Private capital tracker Preqin says in an update that contrary to expectations, 2018 was another bumper year for the metals and minerals industry, particularly for natural resources investments. Fundraising by unlisted funds for investment in natural resources – oil and gas, timberland, farmland, water and mines – set a fresh record in 2018 and is […]
Indian state of Karnataka warned NMDC Ltd. (National Mineral Development Corporation) that it will cancel the lease of its Donimalai iron ore mine if the state-owned miner refuses to pay an additional levy on the sale of its ore. Karnataka’s threat to cancel the lease stems from a dispute between government of India-owned NDMC, India’s […]
State-owned Indonesian miner PT Indonesia Asahan Aluminium (Inalum) sold $4 billion of bonds last week in its first-ever U.S. dollar bond deal to fund the acquisition of a majority stake in the world’s second-biggest copper mine, reports Reuters The deal came amid choppy global markets, rocked by trade concerns and slowing economic growth in Asia […]
