Page 2 - Mining

India Inc to boost capex as Budget drives infra, manufacturing, mining

The Economic Survey released on Friday emphasised that the private sector must take the lead in driving economic growth

Securing critical minerals: India's new mission for future growth

There is, of course, an important national-security element to this effort. Globally, the extraction and processing of critical minerals are dominated by China

Govt to invest nearly $2 billion to develop critical minerals sector

India identified 30 minerals, including lithium, as critical for its energy transition efforts and to meet the growing demand from industries

Assam mining tragedy: Search, rescue operations in Dima Hasao enter day 7

Rescue operations are being carried out by multiple agencies, including NDRF, SDRF, army and navy personnel, with drones deployed for mapping of the area

16 mining labourers abducted in Pak's Khyber Pakhtunkhwa province

At least 16 labourers working on a uranium and plutonium mining site in Pakistan's restive Khyber Pakhtunkhwa province were abducted by unknown armed men on Thursday, sources said. The labourers were abducted from a vehicle en route to the Atomic Energy Mine Project site in Lakki Marwat district. Later, the abductors set the vehicle on fire in the Qabal Khel area. The gunmen shifted the labourers to an undisclosed location. No group claimed responsibility for the abduction. The banned Tehreek-i-Taliban Pakistan (TTP) is active in the area and has been blamed for such abductions in the past. The TTP, set up as an umbrella group of several militant outfits in 2007, is believed to be close to al-Qaeda. The group has been blamed for several deadly attacks across Pakistan. This incident highlights the deteriorating security situation in the region. In July last year, the Khyber Pakhtunkhwa Home Department issued a travel advisory for government officials and employees in the Bannu ...

Govt to sign pact with Mongolia soon in area of geology and exploration

Mongolia is rich in deposits of copper and coking coal, and India is mostly dependent on imports to meet rising demand for the red metal

Uttarakhand's mining revenue doubles to Rs 650 crore in FY 2024-25

The state government has taken steps to make the mining sector transparent and robust using modern technology

Tamil Nadu vows to block Hindustan Zinc tungsten mining in green zone

Assembly resolution urges Centre to not grant any mining licence without the permission of state governments

Cancel tungsten mining in Madurai district, CM Stalin tells PM Modi

Staunchly opposing the Centre's award of tungsten mining rights in Madurai district, Tamil Nadu Chief Minister M K Stalin on Friday urged Prime Minister Narendra Modi to cancel it and asserted that the state government will not allow mining there considering aspects such as a bio-diversity heritage site and people's opposition. A notified bio-diversity heritage site falls under one of the areas proposed for mining, and commercial mining in densely populated villages will definitely affect the people, who fear that their livelihood may be lost forever and hence, the state would never allow mining there, Stalin said, writing to Modi. Against the backdrop of protests by the people against proposed mining, Stalin pointed to the 'grim situation in Madurai district due to the Union government's award of tungsten mining rights,' and requested the immediate intervention of PM Modi to cancel it. The state had already raised its concerns on such auctioning of mining rights of critical and ...

Revenue implication of Rs 4,162 cr as Odisha's iron-ore grade declined: CAG

The Comptroller and Auditor General of India (CAG) which conducted an audit of six iron-ore mines in Odisha has observed that after the auction of the selected mines, there was an "abrupt and abnormal decline in the grade of iron-ore and its classification", as reported by new lessees. "The decline of grade of iron ore has resulted in a revenue implication of approximately Rs 4,162.77 crore for the financial years 2020-21 and 2021-22 in the form of lesser royalty and premium (post auction)", the CAG said in its report No 6 of the year 2024, which was laid before the Odisha Assembly on Wednesday. Though more than 83 per cent production was reported in the grade of 62-65 per cent Fe (iron) in the pre-auction period, the same came down to approximately 16 per cent in the two years after auction (2020-2022), it said. Similarly, the auditor said, the share of grades 60 per cent Fe and below went up from approximately 11 per cent of total production to more than 60 per cent of total ...

Why taxing mining companies retrospectively is a retrogressive step

States would do well to exercise the discretion that the Supreme Court has given them to leaven the impact of a judgment that benefits them immensely

India to open its 1st lithium mines in Chhattisgarh after GSI confirmation

Lithium, one of the 23 proposed exploration projects, is considered crucial for producing lithium-ion batteries used in electric vehicles, which are in increasing demand

Mining operators face setback as SC permits retrospective state levies

The Supreme Court specified that payment for tax demands, which can be retrospectively applied from April 2005, should be staggered in instalments over a 12-year period, beginning from April 1, 2026

Wayanad landslides: Bhupender Yadav says Kerala allowed illegal mining

The minister said that the Union government has already constituted a committee headed by former Director General of Forests Sanjay Kumar to study the eco-sensitive zone

Govt tables Bill in Lok Sabha to delink petroleum operations from mining

Calls for delinking petroleum operations from mining, renewable projects at oilfields

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

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

Illegal mining can be curbed only by promoting legal mining

Vedanta Resources eyes various fundraise options for Zambia copper mine

Vedanta Resources owns an 80% stake in the mining firm

Volumes of domestic mining, construction equipment may drop in FY25: ICRA

Rating agency ICRA on Thursday said the volumes of domestic mining and the construction equipment (MCE) industry may drop in the current financial year on account of a slowdown in the new project orders amidst Lok Sabha elections and monsoon-related impact on construction activities. "ICRA expects FY2025 to see a 12-15 per cent year-on-year decline (which translates into volumes of 1.14-1.18 lakh units)," the rating agency said in a statement. This drop is following two consecutive years of strong growth of 26 per cent in FY'23 and 24 per cent in FY'24. "The reversal in this growth trend will be driven by a slowdown in the new project award activity in Q4 FY2024 and Q1 FY2025, as the Model Code of Conduct will remain in force during the Parliamentary Elections in April-May 2024 (till the announcement of results on June 4, 2024). "Additionally, the aggregate revenues for ICRA's sample set companies are expected to contract by 9-12 per cent and operating margins by 100-150 basis poin

Vedanta lines up $6 billion across businesses to drive revenue growth

Mining conglomerate Vedanta Ltd will invest USD 6 billion across businesses that span from aluminium and zinc to iron ore, steel and oil and gas as it looks to add at least USD 2.5 billion to annual EBITDA, its executives said in an investor meeting. It has a pipeline of more than 50 active projects and expansions to drive growth, which is expected to generate incremental revenue of over USD 6 billion and boost EBITDA from an expected USD 5 billion in the current fiscal ending March 31 to USD 6 billion in the next and up to USD 7.5 billion by FY27, they added. Vedanta Chairman Anil Agarwal, according to a presentation made at the investor meeting, said the company "will get to a different level in the next 25 years". His brother and vice chairman Naveen Agarwal gave details of the plans. "Projects (are) under execution to deliver USD 7.5+ billion yearly EBITDA," he said, adding USD 6 billion is being invested across business verticals that will potentially yield incremental revenue