The World Meteorological Organization’s State of the Climate in Asia 2024 report warns that the region is warming nearly twice as fast as the global average, driving more extreme weather and posing serious threats to lives, ecosystems, and economies. In 2024, Asia experienced its warmest or second warmest year on …
Ranchi, Sept. 30: A representative organisation of companies with mining interests has criticised Jharkhand’s decision to ask the Centre to ban export of iron ore by captive as well as non-captive lease holders, throwing up yet another challenge to the Arjun Munda government. The Federation of Indian Mineral Industries (FIMI), …
Exports of iron ore declined by about 22 per cent to 25.2 million tonnes in April-July due to the ban on its shipments from Karnataka, industry body FIMI today said. Releasing the provisional data of exports, the Federation of Indian Mineral Industries (FIMI) said the country had exported 32.3 million …
Supreme Court rejects plea of private miners, directs NMDC not to export mineral The Supreme Court has given conditional nod to public sector undertaking National Mineral Development Corporation for mining iron ore in Karnataka’s Bellary district. The court rejected the plea of the private miners seeking permission to resume operations …
Steelmakers and mine owners, reeling under a ban on mining in Karnataka, are keeping their fingers crossed about the Supreme Court hearing scheduled on Friday. The uncertainty in iron ore and the resultant rise in ore prices have led the steel industry to actively consider an upward revision in prices, …
FIMI claims it will affect miners to the tune of Rs.15,000 cr The Union Mines Minister, Dinsha Patel, on Monday said the landmark new draft Mines and Mineral Development and Regulation Bill, 2011, which provides for profit sharing and royalty provision for affected people, would be sent for approval of …
In a sudden U-turn, the mines ministry has decided against asking miners from mandatorily sharing 26 per cent of net profits with the affected local population. Instead, it has proposed that miners set aside 26 per cent of the royalty they pay to states for sharing with locals. This dramatically …
Iron ore and coal prices see robust rise due to growing demand The government is reworking the controversial profit-sharing clause in the proposed mining Bill by aligning it with the value of minerals instead of levying a uniform rate, to lessen the burden on a few mining companies. The Mines …
The Union government may make it mandatory for coal mining companies to spend a part of their net profit on the welfare of local people affected by the activities. The move, a part of the competitive bidding guidelines being framed by the coal ministry, is in line with the ongoing …
The government is willing to part finance domestic companies in their global bid for the Hajigak iron ore mine in Afghanistan given the strategic importance of the war-torn country for India. It has suggested that the Indian companies form a single consortium led by state-owned National Mineral Development Corporation (NMDC) …
The mines ministry is understood to have approached the law ministry to ascertain whether the proposed National Mineral Regulatory Authority (NMRA) could be empowered to review the envisaged profit-sharing formula. According to the proposed formula, which the mines ministry had inserted in the initial Draft Mines and Minerals (Development & …
Unfazed by opposition from the mining community, mines minister B K Handique today said the recommendation mandating them to share 26 per cent of their profits was irrevocable, saying the government was committed to ensuring inclusiveness of the people in the mining areas.
We need to change our belief that minerals are more important than forests, water or peopleSunita Narain / New Delhi August 23, 2010, 0:29 ISTThe draft Mines and Minerals (Development and Regulation) Amendment Bill, or MMDR Bill, includes a crucial provision to share the wealth of mining
Sreelatha Menon & Ishita Ayan Dutt / New Delhi August 13, 2010, 3:15 ISTThe industry believes that the regulations will be a severe setback, and promoters will not accept the termsThe recommendations of a Group of Ministers asking mining companies to either share 26 per cent equity or profits (after …
In a move aimed at dissuading the mining community from profiteering and virtually regulating the royalty system on iron ore, the Centre is likely to seek the Parliament
The government is considering a proposal to make it mandatory for companies like Vedanta Resources and ArcelorMittal to offer shares to those displaced by their future mining projects. But the move is being opposed by the industry. Mining body, the Federation of Indian Mineral Industry (Fimi), described the proposal as …
THE government is considering a proposal to restrict mining by private sector companies in tribal areas, in a move that could severely impact investments of domestic and foreign majors such as Rio Tinto, BHP Billiton, Vale, Sesa Goa and MSPL. The latest version of a legislation on India
DILIP KUMAR JHA / Mumbai November 24, 2009, 0:15 IST India exports 100 million tonnes of iron ore to China. The Federation of Indian Mineral Industries (Fimi), the apex representative body of mining companies, has urged the government to vary the royalty rate for iron ore based on the content. …
