Page 16 - Mining Industry

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

JSW Steel reports 11% rise in consolidated crude steel production in Nov

JSW's consolidated crude steel production was at 1.94 MT in the same month last year

Shree Cement plans to bid for lithium mining rights in Jammu-Kashmir

Shree Cement, India's second biggest cement company by market capitalisation, will also bid for blocks in the eastern state of Chhattisgarh, said a source

SC seeks Environment ministry's views on capping iron ore mining in Odisha

The Supreme Court Monday asked the Ministry of Environment, Forest and Climate Change to give its view on whether iron ore mining in Odisha can be capped, keeping sustainable development and intergenerational equity in mind. The top court perused the affidavit of the Union Ministry of Mines filed in response to its earlier query whether any cap can be put on mining in Odisha keeping in mind the limited iron ore reserves there and said it does not have the view of the Environment Ministry. "We want the view of the Ministry of Environment, Forest and Climate Change (MoEFCC). This ministry is the expert body and it can tell us about the impact of the iron ore mining on the environment and the concept of intergenerational equity," said the bench comprising Chief Justice of India D Y Chandrachud, Justice J B Pardiwla and Justice Manoj Misra. The order was passed after a counsel for the petitioner Common Cause, an NGO, said the iron ore is set to be exhausted in 25 years keeping in mind t

Coal output from captive, commercial mines rises 37% to 11.9 MT in November

The government on Saturday said coal production from captive, commercial coal mines registered a 37 per cent rise to 11.94 Million Tonnes (MT) in November. The coal output from captive, commercial coal mines was at 8.74 MT in November 2022-23. Coal dispatch from captive, commercial coal mines in November was at 12.92 MT, registering a growth of 55 per cent as against 8.36 MT in the year-ago period. "The average daily coal dispatch from such mines in November 2023 is the highest ever with 4.3 lakh tonnes per day," the coal ministry said in a statement. The total coal production from captive, commercial coal mines during the April-November period was around 83.90 MT, while the total coal dispatch was 89.67 MT, registering a year-on-year growth of 24 per cent and 31 per cent, respectively, from the same period in FY23. The government is committed to achieving the target coal production and dispatch, which is a crucial step towards ensuring the country's energy security and driving ..

Draft mineral auction rules: Single bidder allowed in second attempt

The proposed amendments would enable the awarding of contracts even if only one technical bidder participates in the second attempt of the auction process

Centre proposes amendment to boost state revenue from mining waste

The existing regulation permitted the leaseholder to dispose of these materials without specifying their intended use

68 out of 131 stone crushers in Beas Basin did not have permission: Report

Multi Sector Committee in its interim report has highlighted that 68 out of 131 stone crushers in Beas river in Himachal Pradesh were running without permission, officials said on Friday. Along with the climatic change, the unscientific and illegal mining along the river beds are responsible for the natural calamity in the state causing huge damage to life and property, the committee, in its interim report submitted to the government said. The committee was constituted after the disaster wreaked havoc in Himachal during monsoons triggering flash floods and massive landslides claiming 509 lives in rain-related incidents and road accidents, a spokesperson of the state government said. As per the report, out of 131 stone crushers set up in the Beas river basin, 68 did not have the necessary permission while seven were affected by the floods, few anomalies were found in six and only 50 operators were found to have the valid permits, the spokesperson said. Due to excessive muck dumping