Page 4 - Mining

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.

Metal stocks rally defies global peers, not backed by fundamentals

Metal stocks continued to rally last week, despite weakness in the overall market

Taliban say they have signed mining contracts worth $6.5 bn in Afghanistan

Afghanistan's ruling Taliban government said it signed seven mining contracts Thursday amounting to USD 6.5 billion in investment, in the biggest such round of deals since seizing power two years ago. The seven contracts are with locally based companies, many of whom have foreign partners in countries including China, Iran, and Turkiye. They include the extraction and processing of iron ore, lead, zinc and gold in four provinces: Herat, Ghor, Logar and Takhar. A statement on the contracts from Deputy Prime Minister for Economic Affairs Abdul Ghani Baradar Akhund gave few details, but said they would create thousands of jobs and significantly improve the economic situation of the country. Any figures given for the deals could be misleading unless they lead to fully realized mining operations on the ground, which could take years, said Javed Noorani, an expert in Afghanistan's mining sector. The Taliban know Afghanistan has minerals and this is cash, but it's not easy cash, Noorani t

Bill to allow private sector to mine lithium, other atomic minerals passed

A bill that seeks to allow the private sector to mine six out of 12 atomic minerals, including lithium, and deep-seated minerals such as gold and silver was passed by Parliament on Wednesday, amid a walkout by opposition members demanding a discussion over the Manipur violence issue. Union Minister for Coal and Mines Pralhad Joshi moved the The Mines and Minerals (Development and Regulation) Amendment Bill, 2023, when Rajya Sabha reassembled in for the post-lunch period. The bill was passed by the Upper House of Parliament by voice vote. It was approved by Lok Sabha last month.

FIR registered against BJP MLA Munirathna for using explosives for mining

Former Karnataka Minister and BJP MLA Munirathna has been booked under the Explosives Act and Karnataka Land Revenue Act along with three others for carrying out blasts to mine stones in a quarry at Hunasamaranahalli. Based on a complaint by the Yelahanka Tehsildar Anil Arolikar, the Chikkajala police registered a case against Munirathna, Anandan, Ganesh V and RAdhamma. The FIR said the Jai Bhim Sene had requested the Tehsildar to stop the 'illegal' mining activities. The villagers too had staged a demonstration against the usage of explosives for quarrying. Following the complaint, a field survey was carried out, where it was found that explosives were used for quarrying. These activities were damaging earth in that region, according to the FIR. The sale of stones was also resulting in loss to the state government. The investigation also revealed that those mining the quarry did not have any permission from the competent authority, the FIR said.

Chinese mining company opens $300 mn lithium processing plant in Zimbabwe

A Chinese mining company formally opened a USD 300 million lithium processing plant Wednesday in Zimbabwe, which has one of the world's largest reserves of the metal as demand surges globally because of its use in electric car batteries. Zimbabwe has the largest lithium reserves in Africa and has in recent years drawn investors in battery minerals from Canada, the United Kingdom and Australia, although China is the dominant player. The plant opened by Prospect Lithium Zimbabwe, an arm of Chinese company Zhejiang Huayou Cobalt, has a capacity to process 4.5 million metric tons of hard rock lithium into concentrate for export per year, Zimbabwe President Emmerson Mnangagwa said. Mnangagwa was present for the official opening of the sprawling plant in Goromonzi, about 80 kilometres (50 miles) southeast of Zimbabwe's capital, Harare. Lithium is the mineral of the present and the future ... and value addition will position our country as an emerging and competitive player in the global

India considers lithium mining royalty at 3% of London Metal Exchange price

At least dozen cos such as Adani Enterprises, Vedanta Ltd, Reliance Industries, Jindal Steel and Power Ltd, Himadri Chemicals and Korea's LX International are likely to take part in auction

Mining giant Glencore lends $250 million to rival Vedanta Resources

In return, VRL pledges 4.4 per cent stake in Vedanta to Glencore

Sustainable mining technology need of the hour: Minister Pralhad Joshi

Union Minister for Coal and Mining Pralhad Joshi was speaking at the inauguration of the first Mining Start-Up Summit at the Indian Institute of Technology, Bombay

Money for mining the seas: India considers political and financial risks

Legislative reform could create the environment for investments at a scale the government can hardly provide

Tata Steel signs business cooperation agreement with A&B Global Mining

Tata Steel on Thursday said it has signed an agreement with A&B Global Mining to harness new business development opportunities and deliver mine technical services. The steel major will closely work with ABGM India which will interface with their South African entity to explore business opportunities in India and abroad besides utilise each other's technical and strategic strengths to deliver projects across the mining and metals, including the steel value chain, a company statement said. ABGM will also collaborate with Tata Steel to deliver competitive integrated business solutions to the global mining industry, it said. "We started offering mine technical services commercially to the mining industry along with our partners, and this agreement will further complement our capabilities and capacities to raise the standards of such services in India in particular and internationally in general for more scientific and sustainable mine development, Tata Steel vice president (raw ...

Vedanta produces record aluminium and high refined metal in FY23

Mining major Vedanta Ltd on Monday said its aluminium and high refined metal production touched record levels in the last financial year. In a regulatory filing, the company said it posted "highest ever" aluminium production at 22.91 lakh tonnes during 2022-23, marginally up from 22.68 lakh tonnes in the preceding fiscal. Its high refined metal production rose 7 per cent to 10.32 lakh tonnes in the last fiscal. The company had produced 9.67 lakh tonnes of saleable metals, which include refined zinc, refined lead and silver integrated, in 2021-22. The company termed the refined metal production as "historic high" in the last financial year. The production of zinc from international business rose 22 per cent year-on-year to 2.73 lakh tonnes. In the oil & gas business, the company's average gross operated production across assets was at 1,42,615 boepd (barrels of oil equivalent per day). "Production from the Rajasthan block was at 1,19,888 boepd and from the offshore assets was at a

State-owned Coal India eyes digital transformation of mining operations

State-owned CIL on Friday said it has conceptualised a mega digital transformation programme to "reimagine" its mining operations. The move will help achieve the target of 1 billion tonnes (BT) of coal production by FY26. The coal behemoth launched the 'Project Digicoal' and a 'Digital War-Room' to monitor and assist this project at its headquarter in Kolkata. This project will help Coal India's (CIL) mining operations become future ready using advanced digital solutions, the public-sector unit said in a statement. "With the launch, the project went live in seven coal mines of CIL encompassing Gevra, Dipka and Kusmunda mines in SECL and Nigahi, Jayant, Dudhichua and Khadia mines in NCL," it said. CIL has roped in Accenture as its consultant to design and implement the project. "Launch of 'Project Digicoal' is an important milestone of digitalisation in CIL. This project will help make the processes efficient," CIL Chairman Pramod Agrawal said while launching the project. "The pr

Bharat Forge's subsidiary bags $155.5 mn order to export artillery guns

Bharat Forge has been consolidating its defence and aerospace business under Kalyani Strategic Systems with an aim to target export opportunities in the defence sector

Telangana HC quashes Obulapuram mining Co. case against IAS officer

In a major relief to senior IAS officer of the Andhra Pradesh cadre, Y. Srilakshmi, the Telangana High Court on Tuesday quashed charges against her in the Obulapuram mining case filed by the CBI

Why it might be better to mine the world's rainforests than farm them

Some 6,732 sq km of Indonesian forest has been granted to nickel mining concessions, a coalition of environmental groups wrote in a July letter to Tesla Inc.

Jordan, Egypt agree to raise cooperation in mining, petrochemicals, energy

Jordan and Egypt have agreed to increase their exchange of expertise in the fields of mining, petrochemical industry, oil and natural gas, according to a statement by Jordan's Ministry of Energy

Rajasthan relaxes minor minerals concession rules to promote legal mining

The relaxation in rules, a notification of which was issued on August 16, is part of the Ashok Gehlot government's 2022-23 Budget speech

Rajasthan enters uranium mining, issues LoI to Uranium Corporation

The Rajasthan government has forayed into the field of uranium mining by issuing a letter of intent (LoI) to Uranium Corporation of India.

Coal India plans green mining options through new technologies: Chairman

The comments come at a time when there have been concerns about global climate change on account of the burning of fossil fuels including coal, resulting into greenhouse gas emission.