Page 13 - Mining Industry

38 critical blocks on sale unlikely to accrue benefits in this decade: ICRA

Icra on Wednesday said that benefits from the 38 critical mineral blocks that have been put on sale are not likely to accrue in the current decade ending 2030 as the mines are not fully explored. "The preliminary stage of exploration for most of the domestic blocks that are currently being auctioned suggests that their commercialisation and associated benefits are unlikely to fully accrue in the current decade ending 2030. Therefore, India's downstream manufacturing facilities are likely to remain exposed to potential future supply shocks of critical minerals in the intervening years," Icra said in a statement. The government is auctioning two lithium blocks in the ongoing auctions. The one in Jammu & Kashmir has clay deposits. While the technology for extracting lithium from hard rock and brine deposits has matured, the same for extracting lithium from clay deposits remains untested globally. Given these challenges, the J&K lithium block received less than three bids, ...

India on mission to become leading producer of critical minerals: Agarwal

India is on a mission to become the world's leading and the most sustainable producer of critical minerals, Vedanta group firm Hindustan Zinc's Chairperson Priya Agarwal Hebbar has said. Critical minerals, such as cobalt, copper, lithium, nickel and rare earths, play a crucial role in the production of clean energy technologies, from wind turbines to electric cars. Critical minerals are particularly in demand for the production of batteries for electric cars. Speaking at Bank of America Securities Global Metals, Mining and Steel Conference 2024 in Miami recently, Hebbar said the mining and metals sector will play a crucial role in helping the world meet the net-zero goals. "We take our role as champions of India's natural resources very seriously and we are well positioned to capitalize on this economic growth," Hebbar, who is also Vedanta Director, was quoted as saying in a statement on Saturday. The mining and metals sector holds the key to unlock the future. The transition to .

Hindustan Zinc, JK Cement, others qualify as bidders for gold mines in Raj

Vedanta group firm Hindustan Zinc, Jindal Power and JK Cement are among the few companies that have emerged as technically qualified bidders for two gold mines put up for sale in Rajasthan. Ramgad Minerals and Mining Ltd, Hirakund Natural Resources Ltd, Jindal Power, Hindustan Zinc and Saiyyed Owais Ali have emerged as technically qualified bidders for Bhukia-Jagpura gold block in the desert state. In the case of Kankriya Gara gold block, the technically qualified bidders are Hirakund Natural Resources, Poddar Diamond, Owais Metal and Minerals Processing, Hindustan Zinc and JK Cement, according to the website of Department of Mines and Geology (DMG) of the Rajasthan government. The auction process started in March this year. According to the website, the auction of both the gold blocks will be held this week. The full-scale production of the country's first large private gold mine in Andhra Pradesh will begin by the end of 2024, Deccan Gold Mines Managing Director Hanuma Prasad ha

Slowdown in mining output drags IIP growth to 4.9% in March: Govt data

The IIP had grown by 1.9 per cent in March 2023

SC halts new mining leases in 4 states to safeguard Aravalli ecosystem

The Supreme Court injunction in Gujarat, Rajasthan, Haryana, and Delhi will not affect existing mining operations

Framework for state mining index to be finalised soon: Mines secretary

The government is likely to soon finalise a framework for a state mining index which would serve as a tool for stakeholders and ensure ease of doing mining business, an official said on Wednesday. A state mining index would boost cooperative federalism as well as competition among states, Mines secretary V L Kantha Rao said at a day-long workshop on State Mining Index here. Principal secretaries, directors and other officials from 26 states participated in the workshop to discuss and finalise the indicators and sub-indicators of performance which form part of the index framework and methodology. Post consultations and feedback from states, a framework of the state mining index will be finalized and released in July 2024 for actual ranking to take place in April next year, Kantha Rao said. The index would serve as a tool for stakeholders of the mining sector to understand different aspects related to the ease of doing mining business within a state, he added. The secretary also mad

In FY23, investments in mining, construction and manufacturing fell

Low capacity utilisation meant firms had less incentive to invest: Economists

Mining sector expands by 7.5% in FY24, iron ore production up 7.4%

India's mining sector grew by 7.5 per cent in FY24, with production of iron ore and limestone recording high growth during the year, an official statement said on Friday. For the month of March, the index of mineral production was 1.2 per cent higher year-on-year at 156.1. Production of iron ore was at 277 million metric tonne (MMT) in 2023-24 against 258 MMT in 2022-23, registering a growth of 7.4 per cent. "Showing a similar trend, limestone production has also surpassed the production record of 406.5 MMT achieved in FY 2022-23, increasing by 10.7 per cent to 450 MMT in FY 2023-24," the statement said. The production growth of iron ore and limestone reflects the robust demand conditions in the user industries viz. steel and cement. Coupled with the high growth in aluminium, these growth trends point towards strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery. In the non-ferrous metal sector, the production of primary .

India's mineral production increases by 8% in February, says govt

India's mineral output rose 8 per cent in February as compared to the year-ago period, the government said on Thursday. The index of mineral production of the mining and quarrying sector for February 2024 at 139.6 is 8 per cent than February last year. The cumulative growth for the April-February period of 2023-24 over the corresponding period of the previous year is 8.2 per cent, as per the provisional statistics of Indian Bureau of Mines (IBM), the mines ministry said in a statement. In February, the production of coal was 966 lakh tonnes, lignite 42 lakh tonnes, natural gas (utilised) 2,886 million cubic metre, petroleum (crude) 23 lakh tonne, among others, it said. The minerals that showed positive growth include gold, copper conc, bauxite, chromite, phosphorite, limestone and coal. "Other important minerals showing negative growth include iron ore and lead conc," the statement added.

Ministry of Mines to hold two-day summit on critical minerals from Monday

The government will hold a two-day summit on critical minerals beginning Monday to foster collaboration, share knowledge and drive innovation in the field of critical mineral beneficiation and processing. The Ministry of Mines, in collaboration with the Shakti Sustainable Energy Foundation (Shakti), Council on Energy, Environment and Water (CEEW), and Indian Institute of Sustainable Development (IISD), will hold "Critical Minerals Summit: Enhancing Beneficiation and Processing Capabilities" from April 29 to 30th, 2024 here. The summit will bring together a diverse array of Indian and international stakeholders, including industry leaders, startups, government officials, scientists, academics, and policy experts, the mines ministry said in a statement. Participants will engage in active dialogue and interactive workshops focused on critical issues such as mineral auction progress, policy incentives for CRM ecosystem development, and the advancement of commercially viable and ...

Vedanta best-placed to ride rising commodity prices, say analysts

Mining conglomerate Vedanta Ltd is likely to see less pressure on cash flows after liability management at the holding company level and is now best placed to ride rising commodity prices, analysts said. Improved performance in aluminium, power and zinc enabled the company to turn in EBITDA of Rs 87,600 crore in the January-March quarter, up by 4 per cent quarter-on-quarter. The improved performance was attributable to lower cost of production in aluminium and zinc and higher sales volume, partially offset by softer zinc prices. Despite marginal delays, Vedanta is set to complete its alumina/aluminium/ international zinc expansion during the current fiscal year (FY25), which will provide visibility around volume growth and cost reduction FY26 onwards. The start of coal mines in FY26 shall further lower its aluminium cost of production. In a post earnings note, Nuvama Institutional Equities said management is moving ahead to demerge the businesses by end of current fiscal (April 2024

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