Over 100 mineral blocks in India ready for online auctions, says mines minister

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 […]

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A record $93 billion private capital flowed into natural resources in 2018: Report

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 […]

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Indian state of Karnataka threatens to cancel NMDC’s Donimalai mine lease in levy dispute

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 […]

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Indonesia’s Inalum sells $4 billion in bonds to fund Freeport purchase

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 […]

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Coal imports into India seen rising, despite government’s attempts to bring down imports of coal: CARE Ratings

Contrary to the Centre’s plan to bring down coal imports, industries are seen to be sourcing more coal from foreign countries in FY19. Among many reasons, the unresolved issue of inadequate transport mechanism to ferry coal from the mines to the manufacturing plants is considered one of the primary cause of increase imports. According to […]

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India’s Supreme Court steps in to cancel 88 mining leases in the state of Goa for violations

India’s Supreme Court, acting on a petition alleging illegal mining, quashed the Goa government’s order to renew 88 licenses of mining companies in the state and stopped the companies from carrying out mining activities after March 16. Fresh leases will be issued only after the companies obtain environment clearances. The Supreme Court acted on a […]

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India’s ministry of mines and ministry of steel fight over iron ore pricing mechanism

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The government of India has scuttled a proposal to cap iron ore prices, but is yet to derive a pricing mechanism for the raw material after differences emerged between the ministry of mines that favours a benchmarked price and the ministry of steel that opposes the move. Mining companies, however, are pitching for a benchmark price for […]

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North Korea is sitting on $10 trillion mineral resources that it can’t tap

North Korea may not have proven oil or gas reserves, but it is estimated that the secluded belligerent nation sits on reserves of more than 200 minerals—including rare earth minerals—worth an estimated up to $10 trillion. North Korea has sizeable deposits of some minerals. Its magnesite reserves are the second largest in the world behind China, […]

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Daily Masala

Here is what others are talking about this morning: U.S. gasoline prices slip as oil industry bounces back from Harvey Global stocks tentative after selloff on North Korea fears Gold eases from near 1-year high as dollar steadies Bullishness on China sends copper soaring India to bid for Israel oil-and-gas exploration blocks: Dharmendra Pradhan Soya: […]

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New Mining Deal to Boost Lithium Production in Argentina

Argentina might be one step closer to becoming a leading exporter of lithium. Last week, the country’s federal government signed a new mining act aimed at attracting foreign investment, and it is expected to boost lithium production over the next five years. Introduced by President Mauricio Macri, the deal is expected to increase foreign investment in Argentina’s entire mining sector to $25 billion by […]

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