Iron Ore Mines

Nifty Metal index surges 3%; why Tata Steel, SAIL rallied up to 6% today?

Metal stocks were in demand on Wednesday amid buzz that the government may reallocate non-operational iron ore mines held by SAIL and OMC.

Supreme Court dismisses Vedanta's plea against Goa iron ore mine e-auction

Following the Supreme Court's dismissal of Vedanta's plea, the Goa government is now set to proceed with the fresh e-auction process for the mineral block

JSW Group to invest Rs 2,600 cr in copper mines, plant in Jharkhand

JSW Group on Monday said it will invest Rs 2,600 crore to develop and operate two copper mines and set up a copper concentrator plant in Jharkhand. The development marks JSW Group's foray into the copper business as part of its commitment to diversification and growth. "With a planned investment of Rs 2,600 crore, this marks a significant milestone in strengthening India's position in critical resources," it said in a statement. JSW Group said it has made a significant expansion into the mining of non- ferrous metals by winning the mine operator and developer (MDO) contract of two blocks of copper mines in Jharkhand from state-owned Hindustan Copper Ltd (HCL). "The project involves operationalising the two mines and setting up of a copper concentrator plant, with the total capital investment estimated to be Rs 2,600 crore," it said. On full-scale ramp up, the mines will have an ore capacity of three million tonne per annum (MTPA). The mines are likely to become part operational

Moil faces Rs 16.77 crore penalty for excess production, plans to appeal

Penalty relates to excess production at the company's Tirodi Mine beyond the environmental clearance and consent to operate limits during the periods FY94 to FY96 and FY07 to FY09

Karnataka's iron ore duty plans weigh on NMDC; share price plunges 7%

The decline in NMDC share followed reports suggesting that the Karnataka government is considering an increase in the duty on iron ore

Govt asks major steel companies to use iron ore fines also for steel making

To increase the usage of available raw materials, the Ministry of Steel has directed integrated steel players to make use of iron ore fines in steel making after its beneficiation. As per sources, the ministry has also suggested that players look at options like acquiring coking coal mines abroad. This is aimed at increasing the availability of raw materials at competitive prices, they said. "It has been conveyed to them that iron reserves are limited in the country and to preserve that, players must also use low grade ore through beneficiation process. They can also look for coking coal mines outside India," the sources said. Iron ore and coking coal are the two key raw materials used for manufacturing steel through blast furnace route. While iron ore is available in abundance, for coking coal, India remains heavily dependent on imports. Major players use only high grade ore (lumps), with 65 per cent and above iron content, to make steel through BF (blast furnace). Fines are low

India's iron ore output rises 7.4% to 116 million tonnes in April-August

The production of iron ore and manganese ore witnessed a growth during the April-August period of the ongoing fiscal. The output of iron ore rose by 7.4 per cent to 116 million tonnes (MT) during the said period compared to 108 MT registered in the corresponding period of previous fiscal, according to a provisional data released by the mines ministry. The production of manganese ore jumped by 15.4 per cent to 1.5 MT during the April-August period as compared to 1.3 MT in the previous financial year, the ministry said in a statement. Iron ore accounts for about 70 per cent of the total mineral production in terms of value. In the non-ferrous metal sector, primary aluminium production rose to 17.49 lakh tonnes (LT) during April-August from 17.26 LT in the year-ago period. "During the same comparative period, refined copper production has grown by 5.8 per cent from 1.91 LT to 2.02 LT," the ministry said. India is the second largest aluminium producer, among top 10 producer of refine

NMDC falls 2% on weak Q4 performance; Rs 7.25 dividend announced in FY24

The state-owned company's profit plunged 37.8 per cent to Rs 1,412.7 crore in the March quarter of financial year 2024 (Q4FY24), from Rs 2,271.5 crore in Q4FY23

Bihar govt initiates auction process for iron ore mines worth Rs 20,000 cr

The Bihar government has initiated a process for auctioning of glauconite and iron ore reserves worth Rs 20,000 crore in Rohtas and Jamui districts and will engage SBI Capital Markets to prepare a report for the same, an official said on Saturday. The government held a meeting with several stakeholders recently to initiate the auction process, Additional Chief Secretary-cum-Mines Commissioner Harjot Kaur Bamhrah said. The state government will shortly issue an order for engaging SBI Capital Markets as the transaction advisor and also to suggest terms and conditions based on which the auctions would be conducted, Bamhrah told PTI. The state government has asked SBI CAPS, the investment bank and project advisor, to submit a detailed report, she said. Once the report is submitted, the state government will initiate the process of granting permission to allow mining of glauconite and iron ore reserves worth Rs 20,000 crore, in Rohtas and Jamui districts on a lease basis, the mines ...

Govt releases Natural Resource Accounting to track mineral, energy deposits

The asset accounts would help identify alternate economic and energy-based resources, and aid in developing an ecosystem for containing illegal mining

Tata Steel completes Rs 12,100 cr acquisition of NINL via step-down arm

Apart from a 1.1 mt plant, Neelachal Ispat Nigam has iron ore mines with reserves of 90 million tonnes and 2,500 acres of land providing scope for future expansion

NMDC's steel plant sale may fetch enterprise valuation of up to $4 bn

Lenders, shareholders meeting to demerge steel company on Tuesday

Process to auction iron ore mining leases to start in 2-3 months: Goa CM

Mining has been standstill in Goa since early 2018 after the Supreme Court cancelled 88 leases and prohibited the extraction of fresh ore

Recover coal companies dues from utilities vigorously, suggests Par panel

The Standing Committee on Coal, Mines and Steel in its report tabled in Parliament said that a huge amount of dues are outstanding from the states and other utilities

Iron ore price fall yet to completely reflect in the domestic market

Steel companies in wait-and-watch mode, expect reduction from NMDC

Iron ore prices surge, but export curbs play spoilsport for Indian firms

An unexpected surge in Chinese demand has sent global iron ore prices to a six-and-a-half-year high but export restrictions prevent Indian companies from taking advantage

ArcelorMittal's holding firm starts ops at Odisha's Thakureni iron ore mine

The Thakurani block, with estimated reserves of around 179 million tonne, will make a valuable contribution to AM/NS India's long-term raw material requirements

Tenders for nine iron ore and manganese blocks in Odisha likely in July

Timing of auctions critical, premiums unlikely to match merchant mines

NMDC hopes to keep volumes intact in FY21; remains wary about realisations

Brokerages are, however, bearish on iron ore prices in the near term

Iron ore dispatches disrupted in key NMDC mines after state govt order

The Chhattisgarh government had issued show-cause notice to NMDC on June 11 for setting its loading plant outside mining area in violation of lease terms