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 grading and determining the average sale price (ASP) of iron ore and other major minerals. Pointing out …
Steelmaker will use the loan for a 2-mt, coal-to-gas direct reduced iron plant near Angul. Unfazed by its failure in Bolivia where it has threatened to walk out of a large steel project due to differences with the Bolivian government, Naveen Jindal-led Jindal Steel & Power has raised . 3,500 …
Panaji Sesa Goa Limited, a subsidiary of Vedanta group, has decided to shut down operation of its two plants in Goa owing to scarcity of iron ore supply as the transportation of ore has been banned due to monsoons. The closure is imminent within next 24 hours as the raw …
The multinational iron ore producer and exporter – Sesa Goa Limited has recently approached the state industry department for renewal of its MoU that was signed in 2003-04 and cancelled recently. Industry department source said the company has submitted a representation to this effect to state’s director of industries. Jharkhand …
Facing stiff opposition from the Naxals, the Indian Railways, which is building a track to augment supply of iron ore for Bhilai Steel Plant, has told the Ministry of Home Affairs that contractors are threatening to abandon the project and certain measures need to be taken with immediate effect. Among …
CORTALIM: The Goa State Pollution Control Board's (GSPCB) decision to hold the environmental public hearing for the proposed 7.2 MMTPA Iron-Ore Export Terminal at Mormugao Port has raked up a controversy. The hearing is scheduled on July 24, which happens to be the day on which week-long Shree Damodar Bhajani …
Posco-India, which had initially proposed to invest $12 billion to set up a 12-million-tonne per annum (MTPA) steel plant on 4,004 acres of land near Paradip in Orissa, has submitted a revised proposal to the state government seeking transfer of 2,700 acre land in its favour for establishing a 8 …
Eight Karnataka iron ore mines will resume operations by the end of July, possibly adding around 5.5 million tonnes per annum (mtpa) and easing some supply constraints. “The reclamation & rehabilitation (R&R;) plans of eight mines have been cleared and final approval will be given by the central empowered committee …
Total capacity pegged at 5.5 mn tonnes, including 2.2 mn tonne mine run by Sesa Goa Karnataka government has recommended approval of eight iron ore mines in the state with a total capacity of 5.5 million tonnes per year, said H.R. Srinivasa, director, department of mines of geology in the …
PANJIM: While iron ore production in Goa declined, bauxite mining tripled during the financial year 2010-11, as indicated by the knowledge paper released during the recently held Investor’s Forum in Panjim. The knowledge paper was released by Chief Minister Manohar Parrikar during the Investor’s Forum organized on June 30, by …
Deputy Director of Mines (DDM) for Joda mining circle has issued notices to eight iron and manganese mines for payment of royalty dues amounting to Rs 350 crore on the basis of updated ore prices issues by Indian Bureau of Mines (IBM). The notices for differential royalty collection were sent …
Absence of export duty and relatively low capital requirement make it an attractive option Iron ore miners in Karnataka, facing uncertainty over possibility of exports in the near future, are increasingly looking at new opportunities to earn higher profits. A large number of miners is exploring the possibility of diversifying …
Mumbai London Stock Exchange-listed Vedanta Resources moved a step ahead to merge its Indian subsidiaries to create a diversified mining and metals group. On Monday, iron ore miner Sesa Goa and copper-to-aluminium maker Sterlite shareholders approved creating the $14.5-billion Sesa Sterlite, the seventh-largest natural resources company by operating profit. Sesa …
The IL&FS-led; consortium’s move sparks hopes of a revival in lending to large mining projects A consortium of lenders led by IL&FS; have agreed to provide . 900 crore to an iron ore project in Odisha promoted by UK-based trading major Stemcor, sparking hopes of a revival in lending to …
Rise in demand, input costs and excise duty may push up prices, says think tank CMIE On the back of healthy demand, rise in input costs and hike in excise duty, steel prices are likely to go up by 5.7% this fiscal, according to economic think tank CMIE. “We expect …
After a wait of seven long years, the greenfield steel project of Posco in Orissa’s Jagatsinghpur district may be a reality with the state government readying an instrument of renewal for the project. State Steel and Mines Minister Raghunath Mohanty said that an ‘instrument of renewal’ is being processed by …
After a delay of two years since the memorandum of understanding (MoU), signed between the State Government and Posco India for establishment of a steel plant near Paradip, lapsed in June 2010, process has started for signing of an instrument of renewal. Steel and Mines Minister Raghunath Mohanty said the …
BICHOLIM: Accusing a mining company of violating the North Goa District Magistrate's order, environmentalist Ramesh Gawas on Tuesday demanded that the company demolish a compound wall on the road. It may be recalled that the district magistrate had banned public transport along the old road between Bicholim to Sarmanas passing …
We have assigned a neutral rating to Sesa Goa with a target price of R210. We value Sesa Goa’s core business on a sum-of-the-parts (SoTP) basis with iron ore operations on a DCF-to-firm basis (5% debt-to-equity, 15% weighted average cost of capital). We value Sesa Goa as a merged entity …
The jailed YSR Congress Party president and MP YS, Jagan Mohan Reddy, received another jolt today when the Andhra Pradesh Government cancelled the mining lease to a company owned by one of his family members. The CBI has filed a petition in the court, seeking permission to conduct narco analysis …
After limiting movement of mineral laden trucks in the Joda-Koira mine rich belt, the state mining department has issued fresh set of guidelines for trucks plying on all mining routes to stop overloading and curb illegal ore ferrying. Under the new guidelines issued by the directorate of mines, trucks allowed …
