Mining Companies

The powers delegated to the CMD would now flow down following a pyramid structure of hierarchy

Setback for miners as they will have to pay levy from 2005

Profits down 91% in Q2, driven by margin contraction because sales realisation did not keep pace with rise in expenses

Vedanta Ltd on Friday reported a 60.8 per cent decline in consolidated net profit at Rs 1,808 crore for the quarter ended September 30 on the back of higher expenses. The company had posted a consolidated net profit of Rs 4,615 crore in the year-ago period, Vedanta Ltd said in a regulatory filing. The company's expenses during the July-September period increased to Rs 33,221 crore from Rs 23, 171 crore in the year-ago period. Its consolidated income during the quarter under review increased to Rs 37,351 crore from Rs 31,074 crore last year. Vedanta is a diversified natural resources company.

The increase in export taxes on iron ore, announced by the government over the weekend, will lead to large surpluses at home, and mainly hit producers of low grade ores that depend on overseas markets

In a statement, the company said the agreement, with the Yinhawangka Aboriginal Corporation (YAC), will ensure a new co-designed management plan protects social and cultural heritage values

State-owned NMDC on Tuesday said its iron ore production surged over 28 per cent to 32.88 million tonnes (MT) in April-January 2021-22. The company's iron ore output was 25.66 MT in the same period last fiscal, NMDC said in a regulatory filing. In January 2022, the company said its iron ore production rose to 4.56 MT from 3.86 MT a year ago. Its total sales of iron ore during the April-January period increased over 25 per cent to 32.60 MT from 26.01 MT a year ago. The company sold 4.24 MT iron ore in January 2022 compared to 3.74 MT in the year-ago month. The Hyderabad-headquartered NMDC, under the Ministry of Steel, is the country's largest iron ore mining company. It is also involved in the exploration of a wide range of minerals like copper, rock phosphate, limestone, dolomite and gypsum.

Inventory, impairment losses also run into thousands of crores across March and June, Business Standard analysis shows

Despite the strong gains in gold and silver prices, many experts believe the momentum in precious metals will continue

Joint auctions of bauxite and coal blocks expected to reduce dependence on imports

Cheap valuation, high dividend yield only comforting factors for stock

Mining companies burdened with payment of compensation for over production of iron and manganese ore are bracing to file a review petition in the Supreme Court. The errant miners who were directed to pay 100 per cent penalty for illegally extracted ore would plead to the apex court to hear their petition.The miners argue that since they have already paid royalty and taxes and bore the logistics costs, there was scope for reducing the compensation amount worked out by the court appointed central empowered committee (CEC)."We are weighing legal options available. Miners are preparing to file a review petition on the Supreme Court order. But, the petition will be filed after we get revised demand notices from the Odisha government", said Prabodh Mohanty, secretary, Eastern Zone Mining Association (EZMA).In its order dated August 2, the Supreme Court (SC) called for recovery of 100 per cent compensation in lieu of the excess ore lifted.Disposing off a writ petition filed by Common Cause ..

All grades and sizes of ore cannot be used by a single end-use plant due to technology constraints

A weekly selection of key court orders