Page 14 - Mining Industry

Local manufacturing will offer 25K cr annual opportunity for vendors: ICRA

Currently, India imports nearly 50 per cent of its component requirement (by value) from suppliers based out of China, Japan, and South Korea, among others

Govt makes offshore mineral rules stricter but eases awarding process

The mines ministry has identified 10 offshore mineral blocks for potential auction and is holding inter-ministerial consultation to secure approval

Mining companies' operating costs could surge after SC ruling, says Fitch

India's top court late last month upheld the right for state governments to levy taxes on minerals extraction and last week allowed them to do so retrospectively

Best of BS Opinion: Legal system reform, Crimes against women and more

Here is the best of Business Standard's opinion pieces for today

Retrospective taxes set to cost mining industry Rs 1.5 trillion in arrears

Nifty Metal index dropped by 2.4%, and key players like NMDC, Hindustan Copper, and JSW Steel saw their shares fall between 2% and 6% following the SC judgment on Wednesday

Provisioned, expect limited impact from SC's ruling, say metal majors

Mining industry hit estimated at Rs 1.5 to Rs 2 trillion, companies to closely watch states for next move

SC ruling on mining royalty to impact industry with Rs 2 trillion arrears

Industry experts say that the retrospective tax ruling will have a ripple effect on supply chain part of other industries as well

SC order allowing states to collect past dues to hurt miners: Govt official

India's Supreme Court on Wednesday allowed state governments to collect mining companies' tax dues pending from April 1, 2005

Govt awards 18 of 28 coal mines to leading private mining companies

The government on Tuesday said of the 28 coal mining projects identified to be operated through mining operators-cum-developers, 18 mines have been awarded to leading private firms. The engagement of these mining developers-cum-operators (MDOs) promises to make substantial contributions to coal production, ensuring both enhanced output and operational excellence. "Initially, CIL (Coal India) identified 15 coal mine projects with a combined capacity of 168 MT (million tonnes) for MDO implementation. This number has now expanded to 28 projects (18 opencast and 10 underground mines) with a total capacity of 257 MT. As of today, 18 mines have been awarded to leading private parties, marking a significant milestone in this ambitious endeavour," the coal ministry said in a statement. The primary goal of engaging MDOs is to significantly increase coal production by streamlining operations, enhancing productivity, and reducing mining costs. These operators, selected through open global ..

Residents of Serbia's lithium-rich region pledge to block EU-backed mining

Zlatko Kokanovic does not want a lithium mine in his backyard and he will do anything he can to stop it from opening. All of us here, we are ready to lose our lives," the 48-year farmer told The Associated Press. "They can shoot. That is the only way they can open the mine. At stake is a lush farming valley in western Serbia that holds one of Europe's richest deposits of lithium, a precious metal that is used to make batteries for electric cars and is crucial for the global transition to green energy. Whether there should be a mine in the valley or not has become one of the most contentious issues in the Balkan nation, triggering protests by thousands of people in a challenge to the populist President Aleksandar Vucic. While the government insists the mine is an opportunity for economic development, critics say it would inflict irreparable pollution on the Jadar valley, along with underground water reserves, farm land and two small rivers that run through the valley. Thousands are

385 mines auctioned since 2015, only 50 operational; challenges persist

The government said the amendments made in the MMDR Act have led to speedy auction and production from mines

'DGMS focuses on safety amid increase in commercial coal mine auctions'

With more commercial mines being auctioned, the DGMS has started discussions with captive and commercial coal block operators on mine safety, an official said on Sunday. The Directorate General of Mines Safety (DGMS) emphasises ensuring adherence to safety norms among new players. "We see more captive and commercial mines coming into production every year. So, we are actively engaging in consultation with the mine operators so that they understand the rules and regulations that have to be followed for mine safety," DGMS Director General Prabhat Kumar said at the Mines Safety Award 2024 event. In the last nine rounds, the Ministry of Coal has auctioned 107 blocks with a peak-rated capacity of 256 MT. So far, 11 commercial coal blocks have been operationalised. Meanwhile, Coal India, which is diversifying into the non-coal sector, will actively participate in more auctions of critical mineral blocks, including lithium, to capitalise on the battery value chain. "We have taken one min

International Seabed Authority to conduct polls amid deep-sea mining debate

A UN body that regulates deep international waters is preparing to elect its next leader, a crucial position as it faces pressure to either ban, approve or place a moratorium on seabed mining. The upcoming election comes as the Jamaica-based International Seabed Authority ended a two-week session on Friday without reaching a consensus on a regulatory framework for deep-sea mining. The drawn-out debate raises concerns that the authority could receive an application later this year seeking the first deep sea mining exploitation license without having rules or regulations in place. The Metals Company, a Canadian-based mining company, is largely expected to be the first to apply for such a license. Mining exploration has been ongoing in the Clarion-Clipperton Fracture Zone, which covers 1.7 million square miles (4.5 million square kilometers) between Hawaii and Mexico. It is occurring at depths ranging from 13,000 to 19,000 feet (4,000 to 6,000 meters). However, no exploitation licens

Vedanta Resources seeks partners to develop Zambia mines it's regaining

The company seeks partners to carry out exploration, development and production as part of a $1 billion investment plan at the Konkola Copper Mines assets, it said

Budget 2024: FinMin announces Critical Mineral Mission; what we know so far

Union Budget 2024: Finance Minister Nirmala Sitharaman announced the government will soon conduct the first round of offshore mineral auction round under the Critical Mineral Mission

Coal India forays into critical mineral mining in Madhya Pradesh

CIL won the bid by quoting a mining premium of 150.05 per cent of the value of the mineral despatch, which it will pay to the State of Madhya Pradesh

Vedanta's QIP receives bids for Rs 23,000 cr against offer of Rs 8,000 cr

Mining conglomerate Vedanta Ltd's (Vedanta) qualified institutions placement (QIP) of Rs 8,000 crore got around three times subscription around Rs 23,000 crore, institutional brokers said. The QIP witnessed significant interest from Foreign Institutional Investors (FIIs), mutual funds, insurance companies and other investors. Prominent mutual funds like Nippon, ICICI Prudential, SBI, Mirae, and White Oak have put in bids in the offer, an institutional broker said. Apart from MFs, other investors include foreign portfolio investors and UHNIs from India. The QIP, which is likely to close on Friday, will enable the company to deleverage its balance sheet and fund growth projects. Vedanta's Committee of Directors authorised the opening date of QIP on July 15 with a floor price of Rs 461.26 per share for this issue. The company had in its May 15 stock exchange disclosure said the proceeds may be used for prepayment of the borrowings as well as funding growth opportunities. The mining

Centre expands area limits by over 4x to boost critical minerals mining

The move comes after the Centre faced a setback in its initial auction of critical mineral blocks earlier this year

Centre plans to expand area limits to boost critical minerals mining

Shift aims to address challenges associated with mining critical minerals

Rajasthan expedites marking, e-auctioning of mines to curb illegal mining

Illegal mining can be curbed only by promoting legal mining