Volatility in the global markets has once again brought gold back in focus, with the price of the yellow metal rising sharply worldwide. In India, it is approaching the Rs 45,000-level. This is a boon for investors holding gold exchange-traded funds and sovereign gold bonds (SGBs). At present, it is perhaps the only instrument to be providing […]
To securitise its iron ore requirements, ArcelorMittal Nippon Steel (AMNS) is participating in the ongoing auctions of iron ore mines in Odisha, PTI reports. ArcelorMittal Nippon Steel India (AMNS India) is a 60:40 joint venture between L N Mittal-owned ArcelorMittal and Japan-based Nippon Steel Corporation. “We are participating in ongoing auctions of mines in Odisha,” […]
With seven manganese and four chromite non-captive mines on their way to shut down by March 2020, the mining industry is staring at a sizeable job loss since the ratio of direct and indirect employment is 1:10. This is just the beginning since mining leases of total 329 mines of private mining companies, including 48 operative and 281 non-operative mines spread […]
The parliamentary standing committee on coal and steel said that the issue of high-operating costs of coal mines run by the PSUs requires the Union coal ministry’s “serious consideration”. During FY19, the lowest operating cost of an open cast (OC) mine owned by Coal India Ltd (CIL) was Rs 455.5 per tonne, while the highest cost was […]
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 […]
