Page 13 - Mining Industry

Vedanta Resources eyes various fundraise options for Zambia copper mine

Vedanta Resources owns an 80% stake in the mining firm

Bus ferrying workers in Chhattisgarh falls into soil mine pit, 15 killed

At least 15 people were killed and more than a dozen injured -- all employees of a private firm -- as the bus they were travelling in fell into a 'murum' soil mine pit in Chhattisgarh's Durg district on Tuesday night, police said. The accident took place around 8:30 pm near Khapri village under Kumhari police station limits when the victims, employees of a distillery company, were returning home after work, Durg Superintendent of Police Jitendra Shukla said. As per preliminary information, the bus with more than 30 people onboard skidded off the road and plunged into the 40 feet deep 'murum' mine, he said. "Initially 11 deaths were reported in the accident. Later four more persons died in the hospital," he added. Murum, a type of soil, is mostly used for construction. Soon after being alerted, a police team reached the spot and launched a rescue operation, City Superintendent of Police (Chhavni area) Harish Patil said. The injured persons were shifted to a nearby hospital, the ..

Vedanta commences mining operations in Goa's Bicholim mineral block

Vedanta on Thursday said it has commenced mining operations at Bicholim mineral block in Goa. The mining in Goa came to a grinding halt in March 2018 after the Supreme Court quashed 88 mining leases. "Heralding a new era of inclusive development, Vedanta Sesa Goa commenced mining operations at Bicholim Mineral Block- Block 1 in the state of Goa," the company said in a statement. Vedanta Limited had in 2022 emerged as a successful bidder for the mining block which was auctioned. Vedanta was the highest bidder with 63.55 per cent revenue for Bicholim Mining Block, spread over 485 hectares. According to the company, Bicholim Mineral Block is the first auctioned mine to become operational since 2018, when the Supreme Court imposed a blanket ban on mining in the coastal state. "Vedanta Sesa Goa's commencement of its operations in Goa's Bicholim Mineral Block signify a new chapter of collaboration between Vedanta and the state of Goa, reinforcing a shared vision for progress and prospe

Centre aims to conclude first round of critical mineral auction within week

The Centre has initiated the auction of 38 critical & strategic minerals to date. The initial tranche included 20 blocks, while the subsequent tranche consisted of 18 blocks

Domestic demand growth for non-ferrous metal may remain 10% in FY25: Icra

Domestic demand growth for non-ferrous metals such as aluminium and copper is likely to remain at 10 per cent in the next financial year, Icra said on Friday. The apparent consumption growth for non-ferrous metals in the domestic market remained at 10-13 per cent in the first nine months of the ongoing fiscal supported by the government's push on infrastructure development and encouraging demand from renewables sectors and electric vehicles. "While the demand is expected to remain soft over the next two quarters as government spending moderates around the general elections, the overall demand growth is expected to remain comfortable at 10 per cent in FY24 and FY25," Icra said in a statement. The operating margin of domestic players is also likely to remain stable at 17-17.5 per cent in FY25, like the levels estimated in FY24. Consequently, the rating agency maintains a stable outlook on the sector, it said. "Icra notes that the domestic e-auction premia on coal had eased in recent

Vedanta debt to be divided among demerged companies in ratio of assets

Mining conglomerate Vedanta Ltd is on track for the demerger of its key businesses, including aluminium, into separate listed companies and allocation of debt across the demerged entities would be done in proportion to their assets, sources familiar with the matter said. Vedanta is in advanced stages of engagement with its lenders on the issue, and the process has proceeded smoothly, they said. There is clarity about the allocation of debt across entities after the demerger. "The debt will get divided amongst the resulting demerged entities in the ratio of assets getting allocated to them as per the prescribed rules and regulations," a senior company official said at a recently concluded investor event. Citing the example of Vedanta Aluminium, the official said the debt that would get allocated to the company would be in direct proportion to the book value of the assets held by it. This is to ensure that the transaction is tax-neutral. Vedanta had in September last year announced t

Vedanta lines up $6 billion across businesses to drive revenue growth

Mining conglomerate Vedanta Ltd will invest USD 6 billion across businesses that span from aluminium and zinc to iron ore, steel and oil and gas as it looks to add at least USD 2.5 billion to annual EBITDA, its executives said in an investor meeting. It has a pipeline of more than 50 active projects and expansions to drive growth, which is expected to generate incremental revenue of over USD 6 billion and boost EBITDA from an expected USD 5 billion in the current fiscal ending March 31 to USD 6 billion in the next and up to USD 7.5 billion by FY27, they added. Vedanta Chairman Anil Agarwal, according to a presentation made at the investor meeting, said the company "will get to a different level in the next 25 years". His brother and vice chairman Naveen Agarwal gave details of the plans. "Projects (are) under execution to deliver USD 7.5+ billion yearly EBITDA," he said, adding USD 6 billion is being invested across business verticals that will potentially yield incremental revenue

Electoral bonds data: Metal, mining giants focus on home ground Odisha

For Vedanta, All India Congress emerged as the second most donated party at Rs 125 crore, followed by BJD at Rs 40 crore

Jindal Steel & Power takes on ops at Venezuela's largest iron-ore mill

Jindal officials are carrying out inspections at iron-ore plants of CVG Ferrominera Orinoco, according to two people familiar with the process, who asked not to be named as information isn't public

Projects pipeline in place to add $6 billion to topline, says Vedanta

Mining conglomerate Vedanta Ltd has a pipeline of more than 50 active projects and expansions to drive growth, which is expected to generate incremental revenue of over USD 6 billion and incremental USD 2.5-3 billion of annual EBITDA upon completion, a top company executive said at an investor event. These growth initiatives, which the company categorises into the 'Discovery' stage, 'Concept' stage and 'Execution' stage, are spread out across all Vedanta's business segments - aluminium, zinc, base metals, steel, copper and power. "We continuously explore options to create additional value at all our sites. We currently have several high-impact projects in execution mode, across all our businesses. These will further contribute to our cost leadership, while substantially increasing our operating capacities. These levers will help drive our EBITDA towards the stated target of USD 7.5 billion annually," the company's vice chairman Navin Agarwal said at the event. Vedanta is expecting a

JSW Group interested in acquiring critical mineral blocks: Chairman Jindal

Steel to Infrastructure JSW Group is interested in participating in auction of critical minerals, its Chairman Sajjan Jindal said on Wednesday. Jindal, who made the remarks at an event in Mumbai, said the move will help in backward integration of the group's plans for new energy vehicles. "We will certainly participate when the mining auction comes up," he said while replying to a question. The comments come a month after the JSW Group announced signing an agreement with the Odisha government to set up an integrated electric vehicle (EV) manufacturing facility in the state, entailing an investment of Rs 40,000 crore. Once completed, the project will mark JSW Group's foray into the automobile space. Union Mines Minister Pralhad Joshi has launched the second tranche of the auction of critical and strategic mineral blocks. The government also plans to launch the first tranche of offshore minerals auctions by June-July this year.

Vedanta's demerger plan may face hurdles from shareholders, creditors

Vedanta's plan to demerge its businesses into separate entities could face hurdles from its minority shareholders and creditors, according to a report. On September 29, the mining conglomerate announced plans to demerge five of its key businesses, including aluminium, oil and gas, and steel, into separate listed entities. "We maintain our view that VEDL's (Vedanta Ltd's) planned demerger of its other businesses could face major hurdles from minority shareholders and/or creditors, which may delay or derail the deal. There have been few updates on the demerger progress ever since it was announced in September 2023," Credit Sights, a FitchSolutions Company, said in its latest report. The report further said it will be a challenge for Hindustan Zinc Ltd (HZL) -- a Vedanta Group company -- to proceed with its proposed demerger as the company will be "unsuccessful" in getting the required 75 per cent shareholders' approval. Vedanta and the Centre, which owns a 29.5 per cent stake in HZL,

Cairn gave up right to claim interest: Vedanta to appeal against Sebi order

Billionaire Anil Agarwal's Vedanta Ltd on Wednesday said it will appeal against Sebi levying Rs 77.6 crore penalty for delay in paying dividends to its erstwhile shareholder, Cairn Energy, saying the UK firm had given up its right to claim interest when it settled a retrospective tax demand with the government. Sebi had on Tuesday ordered Vedanta to pay Rs 77.62 crore to Scottish explorer Cairn and also barred the firm's entire board, including his brother Navin and daughter Priya, from accessing the capital market for the same. "Vedanta Ltd will appeal the Sebi order before the appropriate forum," the firm said in a statement. Vedanta had in 2011 bought Cairn Energy's majority stake in its Indian arm, Cairn India Ltd. Cairn continued to hold a minority stake in Cairn India, which was subsequently merged into its parent and Mumbai-listed Vedanta Ltd. In 2014, the Income Tax department gave it powers to levy taxes retrospectively, to seek Rs 10,247 crore in capital gains tax from th

Vedanta told to pay Cairn Rs 77.6 crore, Board barred from market

The Securities and Exchange Board of India (Sebi) in a 76-page order said Vedanta must make the payment within 45 days or face further action

US, Canada, indigenous groups to address cross-border mining pollution

The US, Canada and several indigenous groups announced a proposal on Monday to address pollution from coal mining in British Columbia that officials say has been contaminating waterways and harming fisheries on both sides of the border for years. The proposal would be executed through a century-old US-Canada boundary waters treaty, establishing independent boards to study the pollution's extent and make cleanup recommendations. Details were obtained by The Associated Press in advance of the proposal's public release. It comes after indigenous groups in British Columbia, Montana and Idaho lobbied for more than a decade for the federal governments in the US and Canada to intervene and stop the flow of pollution. Scientists from the US Environmental Protection Agency several years ago confirmed high levels of selenium in fish and eggs in Montana's Kootenai River downstream of Lake Koocanusa, which straddles the US Canada border. The chemical, released when coal is mined and washed duri

CIL, Vedanta, Adani eye lithium mining rights in Chhattisgarh's Korba

In February 2023, the Geological Survey of India (GSI) discovered lithium in the Katghora tehsil of Korba district

Sebi warns Vedanta for publishing 'unlisted ultimate holding' firm's info

Mining major Vedanta on Thursday said it has received an administrative warning from markets regulator Sebi for "publishing information related to its unlisted ultimate holding company". Vedanta received a letter from NSE on March 6, 2023, annexing a letter dated February 29, 2024, issued by the Securities and Exchange Board of India (Sebi), according to a regulatory filing. The company has been directed to place the said letter before its board and take necessary corrective steps to strengthen the internal control for corporate announcements/ press releases, it said without divulging any further information. On the details of the violations alleged to be committed, the company said the letter is "in respect of it publishing information related to its unlisted ultimate holding company". New Delhi-based Vedanta Ltd is a diversified natural resources company with interests in oil and gas, aluminium, copper, zinc, lead, silver, iron ore and steel.

Govt launches 2nd round of critical, strategic mineral blocks auction

The first round of auctions was launched in November last year, in a move to drive the nation's clean energy push

CBI summons SP chief Akhilesh Yadav on Thursday in illegal mining cases

The CBI has summoned Samajwadi Party president and former Uttar Pradesh chief minister Akhilesh Yadav as a witness for questioning on Friday in illegal mining cases, five years after registering the case. In a notice issued under section 160 of CrPC, the agency asked him to appear before it on February 29 in connection with the case registered in 2019, officials said. The section allows a police officer to summon witnesses in a probe. The case pertains to the issuance of mining leases in alleged violation of e-tendering process. The Allahabad High Court had ordered the probe. It is alleged that public servants allowed illegal mining during 2012-16, when Yadav was chief minister, and illegally renewed licences despite a ban by the National Green Tribunal on mining. It is alleged that the officers allowed theft of minerals, extorted money from lease-holders and drivers. The CBI had filed seven preliminary enquiries in 2016 on the directions of the Allahabad High Court to probe the

Vedanta eyes $6 bn Ebitda in FY25, reiterates guidance on profit targets

Mining conglomerate Vedanta Group is eyeing USD 6 billion of pre-tax profits in the next financial year and scaling it to USD 7-7.5 billion in the following year on the back of operational efficiencies across businesses. "The building blocks are already in place, and largely under our control for EBITDA augmentation. The increase will be driven by ongoing cost optimization, price increases and volume ramp-up," Ajay Goel, CFO, Vedanta Limited said at a recent analysts' meet. The company is expected to clock nearly USD 5 billion of EBITDA in FY24 (April 2023 to March 2024); adjusting for one-time gains of the Cairn arbitration, the operational EBITDA for FY24 will be USD 4.4 billion. The ambitious EBITDA target of USD 6 billion represents a jump of over 35 per cent. "Most of this growth, nearly 15 per cent, will be driven by cost optimization measures. Price upticks, for example through increase in value added aluminium products, will account for another 8 per cent. Ramp-ups in ...