Iron prices are set to increase from March 2020 as the Odisha government annulled three rounds of bids called in to auction 20 iron mines whose leases are expiring in March. The fresh bid documents were released on December 6 with original timelines maintained. In an attempt to stop cornering of mines by one single […]
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 Indian government has approved the allocation of five coal mines with a combined capacity of about 5.2 million tonnes per year, allowing successful bidders the flexibility to sell a portion of the production in the open market, according to the ministry of coal. “The significant feature of the allocations is that for the first […]
The Cabinet has approved extension of norms for mandatory packaging of foodgrains and sugar in jute material for the Jute Year 2019-20. The decision taken by the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, mandates that 100 per cent of the foodgrains and 20 per cent of sugar will be mandatorily […]
The domestic paddy prices are staging a modest recovery in the current procurement season after hitting rock bottom levels not long ago coupled with a rugged export market scenario. At the Indian Commodity Exchange (ICEX), the paddy (1121 variety) prices were trading at Rs 3,260 per quintal (100 kg), up by 3.55 per cent, as […]
The auction of coal mines under the eighth, ninth and tenth round has come to a close with winning bid prices reflecting the significant variation. The highest winning bid amount from among all mines bid out, at Rs.1,674 per tonne, has been quoted for the Jamkhani coal mine in Odisha by Vedanta Limited. Prakash Industries’s […]
The Supreme Court of India has unconditionally approved ArcelorMittal India Private Limited’s (AMIPL) resolution plan for Essar Steel India Limited (ESIL). Completion of the transaction is now expected before the end of the year. After completion, ArcelorMittal will jointly own and operate ESIL in partnership with Nippon Steel Corporation, Japan’s largest steel producer and the […]
Global rice production in 2019-20 is expected to remain flat as a large harvest from India is expected to offset lower volumes from Indonesia and the Philippines, the US Department of Agriculture (USDA) said. “Global rice production is nearly unchanged this month, as a larger Indian crop is fully offset by smaller harvests for Indonesia […]
The current round of coal block auction for the non-regulated sector is likely to fetch four states about Rs 43,000 crore over the life of the mines from the extractable reserves, analysts said, as reported in the Economic Times. This, however, assumes that the entire extractable reserve of the six blocks auctioned under the current […]
The Odisha government has invited financial and technical bids to grant mining leases (ML) for 10 iron ore and manganese blocks, reports Business Standard. The central government had recently approved the revision in mining lease area limits for iron ore and associated minerals in Odisha to 58 square kilometres (sq km), up from 10 sq km prescribed in Section 6 (1) […]
