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 …
State-owned NMDC is actively looking to acquire mineral assets, such as iron ore, coal and phosphate, in Australia, according to Legacy Iron, an Australia-based mining company, in which NMDC acquired 50 per cent stake. Developing of Mt Bevan ore project in Western Australia will be the initial target project of …
The freeze on iron-ore exports has led to a diplomatic crisis of sorts. Foreign Secretary Ranjan Mathai has sent an SOS to Commerce Secretary Rahul Khullar suggesting that he send a team to Tokyo to promptly conclude talks on the LTA — Long Term Agreement that fixes ore prices for …
The steel ministry, in a departure from its stand on iron ore exports, has agreed to begin talks with Japan and South Korea on resuming exports from NMDC’s mines. The steel ministry was under pressure from the commerce ministry to depute a delegation to the two countries and commence talks. …
Armed with the CAG’s observations that NMDC’s iron ore exports to Japanese Steel Mills (JSMs) and South Korea was needless in view of growing domestic demand, the steel ministry has decided to ask the Union Cabinet to reconsider its decision on mandating the PSU to export the mineral. The move …
BHUBANESWAR: The State Cabinet on Tuesday resolved to move the Centre to levy mineral resource rent tax on iron ore to be charged at 50 per cent of the surplus rent. It was decided that the tax so collected should come to the State Government for improving social and physical …
To monitor iron ore exports, a cause of illegal mining, the government plans to canalise exports of the mineral. Notably, the Centre-appointed MB Shah Commission has, in its interim report, pitched for a pan-India blanket ban on exports as a measure to curb illegal mining. The proposal will be sent …
Australian government may allow Indian steel and mining companies to borrow from its superannuation fund for their coking coal import and asset acquisition in Australia. Bill Shorten, minister for employment, workplace relations and financial services and superannuation in Australia in a meeting with steel minister Beni Prasad Verma, said the …
State-run mineral giant National Mineral Development Corp (NMDC) is all set to drop its proposal to pick up 50 per cent equity of Greystone Iron ore Limited’s mine in Brazil, as the firm’s holding company Zamin Resources is listed in the British Virgin Islands, a known tax haven. The company …
New Delhi: A bill that seeks to increase the paid up capital of Life Insurance Corporation of India (LIC) and make the insurer conform to the same regulatory requirements as other life insurers was passed in Lok Sabha on Monday, with opposition Left and UPA ally Trinamool Congress both opposing …
A consortium led by state-owned steel giant SAIL has suddenly turned around and demanded that the government provide interest-free loans to the tune of Rs 45,000 crore to develop the prized Hajigak mines in Afghanistan and build a steel plant. The Afghan government had recently awarded the seven member consortium …
New Delhi The Steel Authority of India (SAIL)-led consortium which won the bid for Afghanistan’s Hajigak iron ore mines has sought a government guarantee to fund the $11-billion project, which includes setting up a steel plant, power plant and other infrastructure in the Central Asian country. “We have written to …
A day after winning the exploration rights for three blocks of the Hajigak iron-ore mines in Afghanistan, SAIL today displayed cautious optimism in proceeding with the ambitious project worth Rs 50,000 crore. SAIL Chairman CS Verma said the consortium is concerned that the funding by Indian financial institutions would be …
The government is formulating an iron ore utilisation policy on the lines of a similar policy currently operating in the domestic gas sector. The move, fuelled by concerns over improper exploitation and wastage, coupled with huge exports of the major mineral out of the country, is likely to include prioritising …
Afghan mines ministry awards rights to three ore blocks to SAIL-led consortium that includes NMDC and JSW Steel among others The Steel Authority of India-led consortium won the bid to mine Afghanistan’s largest iron ore deposit mainly because of its commitment to offer more jobs to local people and participate …
State-run mining giant NMDC Ltd has dropped a proposal to acquire the Erchim Tkhan — popularly known as Vinci Coal — project in Russia. Reason: one of the owners of Vinci Coal is based in North Korea, a country under heavy US sanctions. The Rs 11,369-crore Maharatna company had last …
A government body assessing the environmental impact of mining in Karnataka has in its report recommended restricting of iron ore mining in the state to 30 million tonne per year, a newspaper said on Monday. The Indian Council of Forestry Research and Education (ICFRE) has said the quantity was sufficient …
The mines ministry will push for a new system of calculating royalties instead of the current practice of basing it on an average price determined by the Indian Bureau of Mines, ministry officials said. Under the new method, pithead prices, on which royalty is based, will be discovered from iron …
State-run National Mineral Development Corporation (NMDC) has decided against renewing iron ore export contracts with Japan and South Korea until the situation arising out of the Supreme Court’s ban on ore exports from Karnataka is back to normal. In a recent meeting convened by steel minister Beni Prasad Verma, the …
Anew draft Bill holds much promise to augment the development delivery mechanism. It is the new mining Bill, 2011, which has specific provisions for earmarking funds for development purposes in the mineral-rich districts that happen to be the regions with high poverty ratios. Revamped mining legislation can boost transparency in …
Ore-starved iron and steel manufacturers in Karnataka are set to get a much-needed relief this week, with the state government allowing the release of a higher quantity of iron ore from the existing stockpile through electronic auction. The Supreme Court-appointed monitoring committee, which is supervising the electronic auction of iron …
