Page 17 - Mining Industry

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, ..

New regulations to boost mineral mining and revenue sharing in India

Miners may receive revenue shares and exploration rights for deep-seated minerals under the amended Mines and Minerals Act, aiming to enhance mineral exploration and domestic production

Lithium auction roadmap to be released by end of August: Mines secretary

Recent parliamentary approval of Mines and Minerals (Development and Regulation) Amendment Bill, 2023, has invigorated efforts to expedite the comprehensive auction roadmap

Top headlines: 7 laws get Presidential nod, UP identifies new mining areas

Business Standard brings you the top headlines at this hour

Yogi govt identifies 799 new mining areas for cheap minor minerals

The newly identified mining areas are mainly located in ten districts namely Mirzapur, Jhansi, Prayagraj, Banda, Hamirpur, Mahoba, Saharanpur, Jalaun, Bijnor and Gorakhpur

Hind Copper gallops 18% in 2 days on management rejig; hits 52-week high

Hindustan Copper has appointed Ghanshyam Das Gupta as the Unit Head of Khetri Copper Complex; and Ghanshyam Sharma as the interim CMD.

Hindustan Zinc keen to participate in lithium auctions: CEO Arun Mishra

Hindustan Zinc Ltd (HZL) is keen to acquire lithium assets as and when they are put on the block for auctions, CEO Arun Mishra said. Lithium reserves of about 5.9 million tonnes have been identified in Salal-Haimna areas of Reasi district in Jammu and Kashmir (J&K) for the first time in India. Auctions of the said reserves are likely to be held in December. The J&K administration is also in the process of appointing a transaction advisor. "Absolutely. Why not?" Hindustan Zinc is already in the base metal (sector). Whatever lithium asset will come it will be strategic interest, Mishra told PTI in reply to a question on plans of acquiring lithium reserves. The CEO further said, "As base metals are our (company's) area of interest and lithium being one of them, we look forward to exploring the opportunities as such metals are going to be the future which will drive the new world." Therefore, HZL is open to participate in auctions for the lithium reserves, he added. Lithium is a ..

US pulls plug on lithium exploration near Nevada national wildlife refuge

Federal land managers have formally withdrawn their authorisation of a Canadian mining company's lithium exploration project bordering a national wildlife refuge in southern Nevada after conservationists sought a court order to block it. The Centre for Biological Diversity and the Amargosa Conservancy said in a lawsuit filed July 7 that the project on the edge of the Ash Meadows National Wildlife Refuge outside Las Vegas posed an illegal risk to a dozen fish, snail and plant species currently protected under the Endangered Species Act. They filed an additional motion this week in federal court seeking a temporary injunction prohibiting Rover Metals from initiating the drilling of 30 bore sites in search of the highly sought-after metal used to manufacture batteries for electric vehicles. But before a judge in Las Vegas could rule on the request, the Bureau of Land Management notified Rover Metals on Wednesday that its earlier acceptance of the company's notice of its intent to proce

UN agency that governs int'l waters mired in debate over deep sea mining

Members of a UN agency that governs international waters were locked in a fierce debate late Friday over whether to allow deep sea mining and set a new deadline for proposed regulations still stuck in draft mode. The UN International Seabed Authority, which is based in Jamaica, began its two-week conference on the issue July 10 but discussions behind closed doors dragged on during the last day of the meeting. It's quite a marathon, Michael Lodge, the agency's secretary general, said at a press briefing Friday. There are still loose ends to tie up. The agency has yet to issue any provisional mining licenses, and it missed a July 9 deadline to approve a set of rules to govern such activity. Companies and countries can now apply for a mining license as demand surges for precious metals that are found in the deep sea and are used in electric car batteries and other green technology. The UN agency has issued more than 30 exploration licenses but none for actual mining so far. Most of t

Haryana planning to erect pillars in Aravalis to prevent illegal mining

The government officials said that when intercepted, these illegal miners pretend that they did not realise entering Haryana and that they have the required permit to quarry stones in Rajasthan

SECL to develop Manikpur Pokhri coal mine in Korba into eco-tourism spot

The South Eastern Coalfields Ltd (SECL), a subsidiary of Coal India, has decided to develop its closed Manikpur Pokhri open-cast coal mine in Chhattisgarh's Korba district as an eco-tourism spot, a company official said on Sunday. This will be the second such project in the state after a similar mine in neighbouring Surajpur district was developed into a tourist spot. The SECL along with Municipal Corporation Korba will spend more than Rs 11 crores to develop Manikpur Pokhari mine into an eco-tourism destination and the company has already released Rs 5.60 crore to Korba Collector for the purpose, SECL spokesperson Sanish Chandra said. Mining in Manikpur Pokhri, one of the first mines in Korba district, started in 1966 with Russian technical consultation. About 24 years later, during the excavation, groundwater source was discovered there and the inflow of water was so much that it could not be drained out even with the help of motor pumps etc. and finally the mine had to be closed,

Mahanadi Coalfields Ltd to provide VR-based safety training to workforce

A budget of Rs 6.5 crore has been earmarked for the skill enhancement of coal miners, the company said.