Three coal mine auctions close with significant variations across winning bid prices

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 […]

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Supreme Court approves ArcelorMittal’s acquisition of Essar Steel

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 […]

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Odisha govt invites bids for 10 iron ore and manganese blocks

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) […]

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Low quality iron ore are stockpiled at pitheads of mines; potential hurdle to new miners post auctions

The huge inventory of iron ore at pit-heads of mines lapsing by March 31, 2020 is going to pose a hurdle to new miners who acquire them after auctions, reports Business Standard. The stockpile of iron ore has mounted to 163 million tonnes across mines in the country. Odisha and Jharkhand combined together account for 137 million tonnes of […]

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Aluminium producers likely to see pressure on profits: NALCO CMD, T.K. Chand

Falling global prices of alumina and aluminium are likely to put pressure on Indian producers of primary aluminium, which have achieved nearly full capacity utilization, said Tapan Kumar Chand, chairman and managing director, National Aluminium Corporation (Nalco) while addressing shareholders at the company’s annual general meeting, reports Business Standard. He also said that domestic prices were linked […]

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NMDC plans special purpose vehicles with state govts to set up steel plants

Going by the annual reports of the public sector mining major, National Mineral Development Corporation, NMDC will set up Special Purpose Vehicles (SPVs) with the governments of Jharkhand and Karnataka to set up steel factories. Its SPV in Jharkhand has already selected the site and applied for allocation of land, water and power. In Karnataka, […]

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