Page 15 - Mining Industry

India signs an agreement to acquire five lithium mines in Argentina

This is the first ever lithium exploration and mining project by a government company of India

Govt to pump Rs 200 cr to explore, develop five lithium blocks in Argentia

India will pump in about Rs 200 crore to explore and develop five lithium mines in Argentia, the government said on Monday. Lithium is the single most important critical mineral for the energy transition; a fundamental component of lithium-ion batteries, which power electric vehicles and battery energy storage systems. An agreement was signed between Khanij Bidesh India Ltd (KABIL), state-owned joint venture formed to scout for minerals overseas, and Catamarca Minera Y Energtica Sociedad Del Estado (CAMYEN), a government-owned mining and energy corporation in the Catamarca province of Argentina to this effect. KABIL is also preparing to set up a branch office at Catamarca, Argentina. The project cost is about Rs 200 crore. "KABIL will start exploration and development of 5 lithium brine blocks viz 1. Cortadera-I, 2. Cortadera-VII, 3. Cortadera-VIII, 4. Cateo-2022- 01810132 and 5. Cortadera-VI covering an area of about 15,703 Hectare, located in the Catamarca province of Argentina,

S&P downgrades Vedanta Resources to selective default after debt extension

S&P Global Ratings has downgraded debt-laden Vedanta Resources Ltd to 'selective default' after the mining conglomerate concluded a deal with creditors to extend the maturities of its three dollar bonds. "We view Vedanta Resources' just concluded liability management exercise, which involved three of its US dollar-denominated bonds, as a distressed transaction," the rating agency said in a statement. The junk-rated Vedanta had last week stated that its bondholders have approved extension of the maturities of USD 3.2 billion of bonds maturing in 2024 and 2025. Under the deal, the company will pay USD 779 million upfront, with the remaining principal extended by as much as four years. "On January 12, 2024, we lowered our long-term issuer credit rating on Vedanta Resources to 'SD' (selective default) from 'CC'. We also lowered the issue ratings on the company's bonds due January 2024, August 2024, and March 2025 to 'D' from 'CC'," S&P said. The issue rating on the UK- and ...

Conduct 5-day operation to crackdown on mining mafia: Raj CM to officials

Rajasthan Chief Minister Bhajan Lal Sharma on Thursday directed officials to crackdown on the "mining mafia" in the state by conducting a five-day operation. Chairing a meeting of the mines and geology department here, he said preventing illegal mining, especially of gravel, is the priority of his government. Only strict and effective action will curb illegal mining in the state, Sharma stressed. He directed that a five-day joint campaign by police, district administrations, forest department, transport department and mines department be conducted to take strict action against the "mining mafia". Drones and other modern technology should be used to check illegal mining in the state, Sharma said. The chief minister also directed that a task force be formed under the chairmanship of the chief secretary to prevent illegal mining. Only when strict enforcement of the law is ensured, there will be fear among those involved illegal mining, Sharma said. He directed district superintendent

GMDC gets green approval for expanding Surkha lignite mine in Gujarat

State-owned GMDC on Monday said that it has received a green nod to expand the capacity of its Surkha lignite mine in Gujarat. The environment clearance was accorded by the Ministry of Environment, Forest, and Climate Change (MOEFCC) for expanding the capacity of Surkha (N) lignite mine from 3 million tonnes per annum (MTPA) to 5 MTPA. This expansion not only signifies increased production but also aligns with Gujarat Mineral Development Corporation's (GMDC) commitment to sustainability and responsible resource utilisation, the company said in a statement. "The approval of environmental clearance for the capacity expansion of Surkha (N) lignite mine is a pivotal moment for GMDC. This project's success is integral to our overall growth and revenue generation perspective," the company's Managing Director Roopwant Singh said. The enhanced lignite production capacity is likely to drive substantial revenue growth for GMDC, the statement added. "The expansion of lignite production ...

Weapons, Rs 5 cr cash recovered by ED during raids in Haryana mining case

Foreign-made weapons, about 300 cartridges, Rs 5 crore cash and more than 100 liquor bottles have been recovered during searches conducted by the Enforcement Directorate against former INLD MLA Dilbag Singh and his associates, official sources said on Friday. The central agency had launched raids against the former legislator and Congress MLA from Sonipat Surender Panwar on Thursday as part of a money laundering case linked to alleged illegal mining in Haryana's Yamunanagar district. About Rs 5 crore cash, alleged "illegal" foreign-made weapons, around 300 cartridges, more than 100 liquor bottles, 4-5 kg of gold and documents pertaining to assets in India and abroad have been recovered from the premises linked to Singh and his associates, the sources said. The searches at some locations are continuing, they said. Around 20 locations of the two politicians and linked entities in Yamunanagar, Sonipat, Mohali, Faridabad, Chandigarh and Karnal were covered during the raids conducted un

Supreme Court's stay will hurt sector, says mining industry experts

Petitioner argues EIA ineffective if damage already done

ED raids Jharkhand CM's press advisor, others in 'illegal mining case'

The Enforcement Directorate on Wednesday raided the premises of Jharkhand Chief Minister Hemant Soren's press advisor, the officials of Sahibganj district and a former MLA as part of a money laundering probe into alleged illegal mining in the state, official sources said. About a dozen locations in the state, including in state capital Ranchi and a premise in Rajasthan, are being raided by the central agency under the provisions of the Prevention of Money Laundering Act (PMLA), they said. The premises of press advisor Abhishek Prasad alias Pintu, the collector of Sahibganj district, ex-MLA Pappu Yadav, an architect, some jail department officials and a police constable are being searched by the agency officials, sources said. An armed escort of central security forces went along with the Enforcement Directorate (ED) officials. Prasad has been questioned by the ED in this case earlier. Sources said the action was undertaken on the receipt of fresh inputs in the case. The raids com

EU targets world's biggest diamond miner Alrosa as part of Russia sanctions

The European Union imposed sanctions on the world's biggest diamond mining company and its chief executive officer on Wednesday as part of what it called its unwavering commitment to Ukraine in the war against Russia. The move targeted Alrosa, which accounts for about 90% of Russia's diamond production, and CEO Pavel Marinychev. The EU headquarters said the company constitutes an important part of an economic sector that is providing substantial revenue to Moscow. It means Alrosa's assets in Europe will be frozen and EU citizens and companies will be barred from making funds available to the company. Marinychev, who was appointed CEO last May for three years, also faces a travel ban in Europe. The EU had already banned the import, purchase or transfer of Russian non-industrial natural and synthetic diamonds and diamond jewelry from Jan. 1. The measure applies to diamonds originating in Russia, exported from Russia, transiting through Russia and Russian diamonds processed ...

Mined metal production of Hindustan Zinc rises 7% in Oct-Dec quarter

Vedanta group firm Hindustan Zinc on Tuesday said its mined metal output has registered a rise of 7 per cent to 2,72,000 tonnes in the December quarter on the back of improved mined metal grades and higher ore production. The refined metal production in the third quarter increased 1 per cent to 2,59,000 tonnes over 2,57,000 tonnes in the year-ago period. "Refined lead production was at 56,000 tonnes, up 21 per cent YoY on account of pyro operations on lead mode to maximise silver production," the company said in a statement. The saleable silver production was 6.3 million ounce, up 22 per cent YoY in line with lead metal output. Wind power generation in the third quarter of the current fiscal was 55 Million Units (MU), up 11 per cent from the last fiscal. Hindustan Zinc -- headquartered in Udaipur, Rajasthan -- is an integrated producer of zinc, lead, and silver.

GACL ties up with Vedanta to explore opportunities in caustic-chlorine

Gujarat Alkalies and Chemicals Ltd (GACL) on Tuesday said it has signed an initial pact with Vedanta Aluminium for exploring various business opportunities in the areas of caustic-chlorine and other allied businesses. The Memorandum of Understanding (MoU) envisages to recognize the potential of adding value to the business of both GACL and Vedanta Aluminium by adopting a collaborative approach in common business interests to achieve synergy, GACL said in a regulatory filing. Vedanta Aluminium is a business of Vedanta Ltd. Accordingly, both the companies desire to explore the opportunities for cooperation in greater detail so that the resources could be pooled together in a mutually beneficial manner, it said. "With this MoU, both companies have, in-principle, agreed to jointly explore the business opportunities either in the form of joint venture project or through contractual arrangements of mutual interest," it added. Gujarat-based GACL has a production capacity of 8,52,400 tonn

CCI study on mining sector flags iron ore varied pricing, export issues

The differential pricing of iron ore is likely to create competition concerns and exports of iron ore should also be discouraged, according to a study by fair trade regulator CCI. To ensure fair markets, the competition watchdog initiated a focused study on the mining sector, specifically iron ore in India, and its interconnected industries like steel. The goal was to assess the competition perspective and determine if the iron ore market is functioning appropriately within the broader economic landscape. In its market study on 'Dynamics of Competition in the Mining Sector in India With A Focus On Iron Ore', CCI has also flagged possible issues, with the pricing of iron ore from captive mines. "The allocation of captive mines to some players creates entry barriers in the iron ore and steel sector as entry and successful operation becomes costly for new firms," the Competition Commission of India (CCI) said in a release. As per the study, the differential pricing of iron ore for ..

Differential pricing of iron ore likely to create competition concerns: CCI

The differential pricing of iron ore is likely to create competition concerns and exports of iron ore should also be discouraged, according to a study by fair trade regulator CCI. In its market study on 'Dynamics of Competition in the Mining Sector in India With A Focus On Iron Ore', the watchdog has also flagged possible issues with pricing of iron ore from captive mines. "The allocation of captive mines to some players creates entry barriers in the iron ore and steel sector as entry and successful operation becomes costly for new firms," the Competition Commission of India (CCI) said in a release. As per the study, the differential pricing of iron ore for different end users is likely to create competition concerns. The amendments in mining law in 2021 have allowed the captive mines to sell up to 50 per cent of surplus iron ore in the open market which is likely to boost the supply of iron ore in the market, the study said. However, it noted that when a captive mine sells its ..

Offshore mining: Rules to be eased to bring small players to auction table

Proposed plan involves cap of Rs 100 cr each for performance security and upfront payment for a PL

With localisation, electronics manufacturing to be $115 bn in 2024: Report

India's electronics manufacturing sector is set to grow 15 per cent to be worth USD 115 billion in 2024, with players continuing to focus more on higher levels of value addition in terms of components and development of products. The production of mobile phones, the poster boy of the country's electronics manufacturing, is expected to surpass USD 50 billion by March 2024 from around USD 42 billion in the previous financial year. Google's Pixel smartphone production in India from the first quarter of 2024 will complete the manufacturing presence of all global majors in the country. India Cellular and Electronics Association (ICEA) Chairman Pankaj Mohindroo said the total production of electronic goods in the financial year 2023-24 is estimated to reach USD 115 billion, buoyed by an exceptional contribution of mobile phones, which is estimated to exceed USD 50 billion in the current fiscal. According to data shared by the government, domestic electronics manufacturing increased over

India set to acquire five lithium blocks in Argentina spotted by KABIL

"Talks are in the final stages, and a proposal has been submitted to the Cabinet Committee on Economic Affairs for approval," said government officials aware of the development

India set to launch first-ever offshore mineral auction in Q1CY24

Critical minerals are defined as those that are essential to the economic and national security of a nation but that have a supply chain vulnerable to disruption

JSW Energy arm to provide bank guarantee for availing loan of Rs 954 cr

JSW Energy on Wednesday said one of its wholly-owned subsidiaries, JSW Energy (Barmer) Ltd, will provide a corporate guarantee on behalf of Barmer Lignite Mining Company Ltd for availing a loan of up to Rs 954 crore. Barmer Lignite Mining Company is a joint venture of JSW Energy (Barmer) Ltd and Rajasthan State Mines & Minerals Ltd. The JSW Energy arm holds 51 per cent stake in the JV. JSW Energy (Barmer) Ltd (JSWEBL), which is a promoter of Barmer Lignite Mining Company, has issued a promoter undertaking to Bank of Baroda, which will provide the loan, an exchange filing said. "JSWEBL will also be providing a corporate guarantee in favour of the bank in connection with the above loan," the filing said. The corporate guarantee shall be a contingent liability for JSWEBL, which is a wholly-owned material subsidiary of the company, it said. At this point, there is no impact of the said promoter undertaking and the corporate guarantee on the company, it added.

Centre allows notified pvt exploration agencies in mineral blocks auction

The mines ministry on Friday said it has permitted notified private exploration agencies to participate in the auction of critical and deep-seated mineral blocks explored by them. The development will attract bigger mining companies in the exploration arena and is likely to encourage junior mining companies from around the world to come to India and take up exploration projects with National Mineral Exploration Trust (NMET) funding. The ministry further said it has also launched a new scheme to directly sanction projects for exploration of critical and deep-seated minerals to notified private exploration agencies (NPEAs). This new scheme will help bring new technologies in the field of exploration. The decision to allow NPEAs to directly submit projects in Ministry of Mines will help cut delays in sanction of projects as well as fast-track execution of projects. The move aims at giving a fillip to exploration of critical and deep-seated minerals. "Ministry of Mines has launched a

The safe bet of underground mining

In the face of coal's challenges, its underground mining can prove to be a promising and environmentally conscious path to safeguarding India's energy future