Page 17 - Mining Industry

Vedanta Q2 results: Net loss at Rs 1,783 cr, income rises to Rs 39,585 cr

Anil Agarwal-led Vedanta Ltd on Saturday reported a consolidated net loss of Rs 1,783 crore for the second quarter ended September 2023 on account of one-time exceptional item because of adoption of new tax rate. The company had posted a consolidated net profit of Rs 1,808 crore in the year-ago period, Vedanta Ltd said in a filing to BSE. The consolidated income of the company in the July-September period increased to Rs 39,585 crore from Rs 37,351 crore in the year-ago period. Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is a diversified global natural resources company with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, aluminium and power across India, South Africa and Namibia.

Malaysia gives nod to Lynas to process rare earths until March 2026

Malaysia's government said on Tuesday it will allow Lynas Rare Earth to continue to import and process rare earths until March 2026, after the Australian miner proposed a new technology to extract radioactive elements from the waste it produces. The Lynas refinery in Malaysia, its first outside China producing minerals that are crucial to high-tech manufacturing, has been operating in central Pahang state since 2012. But the company has been embroiled in a dispute over radiation from waste accumulating at the plant. The government had ordered Lynas to move its leaching and cracking processes which produce the radioactive waste from Australian ore out of the country by the year's end. It also was not allowed to import raw materials with radioactive elements into the country. Science Minister Chang Lih Kang said the two conditions for renewing Lynas' license had been met after the company proposed a way to extract thorium, the radioactive element, from the raw rare earths it imports

Mineral output index increases by 12.3% to 111.9 in August: Centre

India's mineral output increased by 12.3 per cent in the month of August as compared to the same month a year ago, the Centre on Monday said. The index of mineral production of the mining and quarrying sector for the month of August 2023 at 111.9, is 12.3 per cent higher as compared to the level in the month of August 2022, according to provisional data from the Indian Bureau of Mines (IBM). The cumulative growth for the April- August period over the corresponding period of the previous financial year is 8.3 per cent, the mines ministry said in a statement. In the month of August, the country's coal output was 684 lakh tonnes, lignite production was 28 lakh tonnes, bauxite was 14.28 lakh tonnes among others. Minerals like gold, phosphorite, manganese ore and iron ore showed positive growth. "Minerals showing negative growth include bauxite, zinc conc, lignite and lead.

50,000 sq ft of space freed under special campaign: Mines ministry

The mines ministry on Saturday said 50,000 square feet of space has been freed under a special campaign and a revenue of Rs 1.47 crore has been generated from scrap disposal. The ministry and its subordinate organisations have utilised the Special Campaign 3.0 for disposal of pending matters and emphasized on giving back to nature through creative and innovative ways, the ministry said in a release. "Within the first three weeks of the campaign, the ministry has been ranked amongst the top ten for reviewing old physical files/records. It has achieved 100 per cent in easing of rules, processes, disposal of public grievances, inter-ministerial references and references received from state governments. Besides, 75 per cent of the targeted cleanliness campaigns have already been completed," it said. The mines ministry has set targets for disposal of pending matters and stressed on giving back to nature through creative and innovative ways under the campaign. Bird feeders and water pots

Cabinet approves royalty rates for mining of Lithium, Niobium REE

To ensure consistency, the Ministry of Mines has devised a formula for calculating the ASP of these minerals, which will aid in setting bidding parameters

JSW Steel declared preferred bidder for Karnataka's iron ore mine

JSW Steel on Wednesday said it has emerged as the preferred bidder for the Jaisinghpura North Block iron ore mine in Karnataka. JSW Steel has received a communication from the Karnataka government in this regard, the company informed the exchanges. "The Company has been declared as a preferred bidder vide communication dated October 11, 2023, received from the Office of the Director, Department of Mines and Geology, Government of Karnataka, for Jaisinghpura North Block, in the Auction held on August 2, 2023," the filing said. The highest final offer price by the company to become a "Preferred Bidder" is 150.3 per cent of the value of the mineral dispatched. The projected iron ore resource is 17.66 in MMT (metric million tonnes). The company will take all requisite steps as per the tender document to obtain a letter of intent, and all statutory clearances to execute the Lease Deed with Mine Development and Production Agreement (MDPA), and start the mining operations. Part of JSW Gr

Vedanta incorporates wholly-owned subsidiary to implement demerger scheme

Mining major Vedanta on Wednesday said it has incorporated a wholly-owned subsidiary, Vedanta Base Metals Ltd, to implement the demerger of its five key businesses, including aluminium and oil and gas. "We wish to inform you that a wholly-owned subsidiary of the Company, in the name of 'Vedanta Base Metals Ltd' has been incorporated on October 09, 2023," the company said in a filing to BSE. The unit has been incorporated to implement the demerger scheme that was intimated to the bourses late last month. Mining conglomerate Vedanta Ltd had announced plans to demerge five of its key businesses, including aluminium, oil and gas, and steel, into separate listed entities with a view to creating shareholder value. According to the filing, 100 per cent shareholding of this unit is currently held by Vedanta Ltd. Vedanta Base Metals Limited is a public company incorporated on October 9 and its main object is to carry out the Metal business.

Iron ore supply resumes from NMDC Bailadila mine to RINL plant in Andhra

Iron ore supply from NMDC's Bailadila mine in Chhatisgarh resumed on Tuesday to its plant in Andhra Pradesh, steel maker RINL said. Iron ore is a key raw material required for the manufacturing of steel. "With the continuous and relentless efforts by Indian Railways, the KK line operations were restored on October 10, 2023, and supply iron ore/rake movement to RINL from NMDC mines resumed," the Visakhapatnam-based entity said in a statement. RINL further said that there was a major landslide in the KK line between Jaypore and Koraput during the early hours of September 24, 2023, and supplies from NMDC Bailadila sector, which is the main source of iron ore supplies for the company, had to be stopped. This created a massive challenge for sustaining the plant operations as the inflow of iron ore was already constrained and the stock level of iron ore had reached a critical level because of heavy monsoon rain in the mines area, it added. Meanwhile, RINL made alternate arrangements fro

NGT forms panel to look into 'illegal' soil mining in Uttar Pradesh village

The National Green Tribunal has formed a panel to look into the allegations of illegal soil mining by a private company at a village in Uttar Pradesh during the ongoing construction of the Bundelkhand Expressway project. The tribunal was hearing a petition alleging illegal mining of soil, of up to 15 metres, in agricultural land by a private company in collusion with the Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) officials in Jalon district's Narcha village. According to the petition, the illegal mining resulted in damage to the environment. A bench of Chairperson Justice Prakash Shrivastava said the allegations raised "substantial issues" regarding the environmental laws. "To ascertain the truthfulness of the allegation, we deem it proper to constitute a joint committee comprising of Member Secretary, Uttar Pradesh Pollution Control Board (UPPCB), representative of the Ministry of Road Transport and Highways, the concerned Executive Engineer of state's Pub

Rs 82,000 cr collected under District Mineral Foundation till August: Govt

The mines ministry on Monday said Rs 82,370.79 crore has been collected under the District Mineral Foundation (DMF) till August this year. DMF is a non-profit body working for people and areas affected by mining-related activities in such manner as may be prescribed by the state government. "The total amount of funds collected under DMF comes to Rs 82,370.79 crore and the amount utilised stands at Rs 45,150.21 crore (August)," the Ministry of Mines said. As of August, DMFs have been set up in 644 districts in 23 states/Union Territories, while 17 states/UTs have DMFs in each district, the ministry said. States and UTs that have DMFs in all district include Andhra Pradesh, Bihar, Himachal Pradesh, Kerala, Uttarakhand, Uttar Pradesh, Punjab, Haryana, Chhattisgarh, Jharkhand, and Jammu & Kashmir.

Vedanta Resources open to changing terms of proposal to delay bond payment

Some bondholders said they wanted more cash up front than what was offered by the company, said some of the people, who asked not to be named because the discussions are confidential

Vedanta's dollar bonds decline after plan to split up biz to tackle debt

All four junk-rated notes were indicated lower on Monday, Bloomberg-compiled data showed. The August 2024 bond posted the biggest drop, down 0.6 cents on the dollar to 62.6 cents

Mining tycoon Randhawa, son among six killed in plane crash in Zimbabwe

An Indian billionaire and his son were among the six individuals killed when their private plane crashed near a diamond mine in southwestern Zimbabwe after experiencing a technical fault, according to media reports. Harpal Randhawa, the owner of RioZim, a diversified mining company producing gold and coal as well as refining nickel and copper, along with his son and four others was killed when the plane crashed in the Zvamahande area of Mashava, iHarare, a news and media website in Zimbabwe, reported. The Cessna 206 aircraft, owned by RioZim, was en route from Harare to the Murowa diamond mine when the tragic incident occurred on Friday. The single-engined aircraft crashed near the Murowa Diamonds mine, which is partly owned by RioZim. The plane experienced a technical fault, possibly resulting in a mid-air explosion, before plummeting into Peter Farm in the Zvamahande region. All passengers and crew onboard lost their lives in this accident, the report said. The Herald, a state-

Vedanta to spin off, list six businesses to attract big-ticket investment

The six units being planned to be listed are Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Limited

New limestone block set to aid employment and revenue in Rajasthan

Rajasthan's mines minister Pramod Jain Bhaya said that planned exploration of mining minerals in the state and auction of blocks are going on at full speed

Govt to auction Jammu & Kashmir's lithium reserves over next few weeks

India found its first lithium deposits in Jammu and Kashmir with estimated reserves of 5.9 million tonnes

Vedanta hires former Gold Fields CEO Griffith to run copper, zinc mines

Griffith stepped down as chief executive of Gold Fields in December, after a short stint at the Johannesburg-based gold producer, following an unsuccessful bid to buy Canadian Yamana Gold

Biden plan would overhaul 151-year-old mining law, make firms pay royalties

The Biden administration is recommending changes to a 151-year-old law that governs mining for copper, gold and other hardrock minerals on US-owned lands, including making companies for the first time pay royalties on what they extract. A plan led by the Interior Department also calls for the creation of a mine leasing system and coordination of permitting efforts among a range of federal agencies. This comes as The White House has been pushing to boost domestic mining for minerals needed for electric vehicles, solar panels and other clean energy. Under terms of an 1872 law, the US does not collect royalties on minerals extracted from federal lands, a fact Democratic lawmakers and environmental groups have long lamented. The White House plan would impose a variable 4 per cent to 8 per cent net royalty on hardrock minerals produced on federal lands. The proposal needs approval by Congress unlikely when the House is controlled by Republicans who have long opposed such fees. Undeterr

Govt to start auction process for 100 critical mineral blocks in 4 months

India is racing to ensure critical minerals security to power its ambition to make the country a key battery and electric vehicles manufacturing hub and help attain a net zero goal

NTPC signs agreement to hive off mining business to its subsidiary

State-owned power giant NTPC on Thursday inked a business transfer agreement (BTA) to hive off its mining business, comprising six coalfields, to its arm NTPC Mining Ltd. "NTPC Ltd and NTPC Mining Ltd (NML) have executed the BTA on August 17, 2023, in New Delhi. The BTA shall become effective upon completion of the conditions precedent mentioned in the BTA," a BSE filing stated. On July 29, 2023, the company informed the bourses about the approval of the Board of Directors of NTPC Ltd for hiving off its coal mining business, consisting of 6 coal mines, to its wholly-owned subsidiary NTPC Mining Ltd through a Business Transfer Agreement. The coal mining business, comprising 6 coal mines, and all related assets and liabilities are being hived-off from NTPC books to NML, it had said. The deal was approved by the Audit Committee and Board of Directors. The consideration of this transaction is Rs 7,794.99 crore, based on book value as per the Audited Financials as of March 31, 2023, ..