With misclassification of different grades of minerals by mining leaseholders found to be at the root of illegal mining, the Union mines ministry has tightened the procedure to be followed by states for
In India, steelmakers had to follow their global peers and cut steel prices by up to Rs 3,000 a tonne, or four to five per cent For the steel industry, the near term looks uncertain. Though prices of raw materials such as iron ore and coking coal are rising, demand from the automobile, construction and capital goods sectors remains low. Through the last quarter, steel and raw material prices fell, owing to the crunch in global demand. However, now, coking coal and iron ore prices are on the rise again and steel companies have to take a hit on their margins till raw material prices moderate or demand improves. Then, they would have the room to pass on the high input costs to customers.
Bhubaneswar Mining scam: Cos told to appear before Nov 8 The MB Shah Commission, probing the multi-crore mining scam in several states, has summoned the Jindal Steel & Power (JSPL) and Sarada Mines for alleged irregularities in mining activities. The officials of the two companies have been told to appear before the commission on November 8. “The commission has summoned the two companies as there are allegations that they violated Rule 37(B) of the Mining Concession Rules (MCR)”, said state director of mines Deepak Mohanty.
New Delhi The Odisha government is believed to have slapped a fine of about Rs 6,000 crore on Tata Steel for its alleged involvement in "illegal and excess mining" at its captive mines. Deputy Director of Mines (DDM) of Joda mining circle has slapped the fine on the steelmaker and on several other iron ore producers on charges of "illegal and excess mining", the source added.
Unlikely to be able to achieve its iron ore production target of 15 mn metric tonne for FY13 Sesa Goa, a Vedanta Group firm, is unlikely to achieve its iron ore production target of 15 million metric tonne for FY13 owing to the mining ban in Goa and the expiry of its lease in Karnataka. The company’s operations are currently in limbo due to the recent action by the Goa government and expiry of its lease in Karnataka.
Aims to produce 10 million tonne of iron ore per annum in the first phase Vedanta group firm Sesa Goa will finalise the capital expenditure plan for first phase of its Liberia iron ore mining project by January, a top company official said. The company is aiming to produce 10 million tonne of iron ore per annum in the first phase from Liberia's Western Clusters project, in which it had acquired 51% stake for about $90 million (about Rs 411 crore) last year.
Iron ore mining operations have been restarted in Karnataka's Bellary and Chitradurga districts, a year after these were suspended, following a Supreme Court directive. After securing all statutory approvals, two Category A mines have resumed mining, offering hope of regular iron ore supply to the ore-starved steel industry. According to officials from the Federation of Indian Mineral Industries (Fimi), two mining lessees, R Praveen Chandra in Chitradurga and B Kumar Gowda in Bellary, have commenced mining. Nadeem Minerals, which has a mine in Bellary, is likely to restart mining next week. Together, these mines would bring about 1.5 million tonnes (mt) of iron ore to the auction platform in about two weeks.
There was no order on Friday of the three-judge environment Bench of the Supreme Court headed by Justice Aftab Alam on the cessation of all iron ore mining activities in Goa it ordered on October 5. The
Keonjhar: A team of Justice MB Shah Commission probing alleged mining scam in Odisha today made a surprise visit to four iron ore mines in Joda and Koida mining circles in Keonjhar and Sundargarh districts
Scrutinises mineral trade details of other three mines The Justice M B Shah Commission of enquiry on Thursday sought details on output and raising permission of Tensa iron ore mines belonging to Jindal Steel and Power Ltd (JSPL) in Koira mining circle during its first day of field trip. During mining lease record verification process, the commission members had found some mismatch between its actual raising area details and map shown on Google Earth.
The state is the highest producer of high-quality sized iron ore and fines, with annual output surpassing 75 mn tonnes Odisha, the largest producer of iron ore in the country, is mulling canalisation of iron ore trade by appointing a designated agency in order to bring in transparency and generate more revenue. The single-point trading process is likely to push iron ore rates and impact margins of steel makers across the country who depend on the state for the raw material supply, as many other major producers, such as Karnataka and Goa, have restricted output.
