MINES
Court approves billionaire Agarwal’s plan to reclaim Zambia mine
A court in Zambia sanctioned a plan for Vedanta Resources Ltd. to regain control of the Konkola copper project by settling debts owed to creditors. The company needs to release $250 million to settle debts and has committed to investing $1 billion for expansion projects.
Only a third of critical mineral blocks find buyers
A company which offers to share the highest percentage of its revenue earned through sale of extracted minerals with the state governments - called the auction premium - wins the bid.
Adani, Hindalco show interest as Hindustan Copper plans to develop two mines, source says
Hindustan Copper, a state-owned enterprise in India, plans to develop two of its copper mines. Adani Enterprises and Hindalco Industries have shown preliminary interest in the project. This development came to light during a pre-bid conference held earlier today.
Maiki South Mining secures India's first Lithium and REE blocks of Chhattisgarh with FPO of 76.05%
On Monday, Union Minister G Kishan Reddy granted the first Lithium block, Katghora, and the Rare Earth Element (REE) Block of Chhattisgarh to Maiki South Mining Private Limited, with a Final Percentage Ownership (FPO) of 76.05%. India currently depends significantly on imports to fulfill its demand for crucial minerals such as Lithium, Niobium, and Rare Earth Elements (REE). These minerals are essential for emerging technologies like electric vehicles, pharmaceuticals, and defense manufacturing.
India cancels 14 out of 18 critical mineral block auctions launched in second tranche, notice shows
India has canceled the auction for 14 critical mineral blocks, part of a $362 billion initiative launched in February to promote clean energy transition. The cancellation was due to lack of bids received for blocks containing minerals like vanadium, graphite, and cobalt.
Govt to launch fourth tranche of auction for critical and strategic mineral blocks on Monday
The Ministry of Mines will launch the 4th tranche of auctions for critical and strategic mineral blocks on Monday in New Delhi. Union Minister G Kishan Reddy and Minister of State Satish Chandra Dubey will inaugurate the event. The launch follows amendments to the MMDR Act, allowing the Central Government to issue mineral concessions for 24 critical minerals. The event will announce the preferred bidders of the 1st tranche, present certificates to Notified Private Exploration Agencies, and introduce a scheme for partial reimbursement of exploration expenses.
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Karnataka forest minister halts leasing of forest land for iron ore mining in Sandur
Karnataka's Minister of Environment has halted the handover of a forest area to a mining company, citing concerns over the felling of over 99,000 trees and potential environmental damage. The decision comes after Union Minister HD Kumaraswamy approved mining in the area. Social activists have raised objections, highlighting the risk of soil erosion and flooding. The mining company has faced allegations of violating forest rules in the past. The minister's directive aims to prevent further environmental degradation and has sparked a campaign against mining on social media.
Round 10 of commercial coal block auctions launched, 67 mines on offer
Union Coal and Mines Minister G Kishan Reddy launched the 10th round of commercial coal mine auctions, including 67 mines, to enhance domestic production and energy security. With a focus on reducing imports and increasing production, he highlighted coal's significance, aiming for one billion tons production by 2024-25.
Vedanta to spend $5 bln on decarbonization; to be net neutral by 2050
Vedanta Ltd plans to spend $5 billion to cut carbon emissions by 25% by 2030, aiming to be carbon net neutral by 2050. It targets 2.5 GW of round-the-clock renewable energy by 2030, with 838 MW under construction.
Union Minister G Kishan Reddy to launch 10th round of commercial coal auctions on Friday
Union Minister G Kishan Reddy to launch 10th round of commercial coal auctions with 60 mines on sale to enhance domestic production and energy security.
Coal stock at thermal power plants grows 32 pc to 45 MT
Thermal power plants (TPPs) in India reported their highest-ever coal stock of over 45 million tonnes on June 16, a 32% increase from the previous year. The Ministry of Coal worked tirelessly to ensure a consistent coal supply by enhancing production, logistics management, and inter-agency coordination. Cumulative coal production reached 207.48 million tonnes, reflecting a 9.27% growth. Coal India Ltd recorded a 7.28% increase in coal production and a 4% growth in dispatches.
Centre asks Telangana govt to auction at least six mineral blocks by Jun 30
The mines ministry has criticized Telangana for not auctioning any mineral blocks in the past nine years and urged the state to initiate auctions for at least six mines by month's end. Despite reminders, Telangana hasn't auctioned any of the eleven blocks provided, prompting the ministry to warn of initiating the auction process itself.
Tenth round of commercial coal block auction to kick off next week
Coal produced from the 62 blocks is permitted to be sold by the companies in the free market. So far, nine rounds of commercial coal auctions have taken place since 2020 and 107 coal blocks have been auctioned with 256 million tonnes peak rated capacity.
Coal India's contribution to govt exchequer drops 2.2 per cent to Rs 9,560 crore in April-May
Coal India Ltd's contribution to the government's exchequer decreased by 2.2% to Rs 9,560.28 crore in April-May of the current fiscal year, down from Rs 9,777.64 crore in the previous year. Total levies paid to the government in May rose to Rs 4,763.20 crore. State governments receive revenue from coal production through royalties, GST, and other levies, with Jharkhand and Odisha receiving the highest amounts.
Thermal plants have 30% more coal stocks
Coal stocks at thermal power plants exceed 45 million tonnes, meeting 19 days' requirement despite 30% increase from last year. Government attributes sufficient stock to logistic arrangements for coal supply.
NMDC hikes iron ore lump rate by Rs 250 a tonne, fines by Rs 350 per tonne
State-owned NMDC increased prices of lump ore by Rs 250 per tonne and fines by Rs 350 per tonne to Rs 6,450 and Rs 5,610 per tonne respectively. The increased prices are effective immediately. Prices include royalty and contributions to DMF and DMET, but exclude other taxes. The announcement follows a 38% fall in net profit for the March quarter due to increased expenses, impacting steel manufacturing industries reliant on iron ore.
Hindalco raises FY25 capex target to ₹6,000 crore
Earlier this year, Hindalco said it would spend ₹5,000-5,500 crore on capex in FY25. In FY24, it spent about ₹4,200 crore.
Hindalco in process of bidding for two nickel, cobalt mines in Maharashtra, Karnataka: MD
Key minerals like copper, lithium, nickel, cobalt, and rare earth elements are crucial elements in numerous rapidly expanding clean energy technologies, ranging from wind turbines and electrical grids to electric vehicles.
India in talks with Sri Lanka to acquire graphite mine block
Sri Lankan graphite is considered among the purest in the world with more than 98% carbon content, said officials. India has also been in talks with other countries for procuring other critical minerals. "Agreements have been signed with the Democratic Republic of the Congo for cobalt and copper, Tanzania for niobium and graphite and South Africa for graphite and titanium," another official said.
No benefits likely from 38 critical blocks put on sale in this decade: Icra
Icra reported that benefits from the 38 critical mineral blocks on sale may not materialize by 2030 due to incomplete exploration. India's downstream manufacturing could face supply shocks. The government is auctioning lithium blocks in J&K and Chhattisgarh, with challenges in extracting lithium from clay deposits. Overseas acquisitions are also being considered.
Suspension order on operations at Vedanta iron ore mine in Karnataka lifted
Vedanta Ltd in April informed the BSE about the temporary suspension of mining operations at the iron ore mine due to non-compliance with the approved mining plan.
Coal India, NMDC, OVL look to secure critical mineral assets abroad
CIL, NMDC, OVL, and KABIL are collaborating to secure critical minerals overseas, focusing on lithium for EV batteries. India defines 30 critical minerals to meet energy transition goals for various sectors.
Centre orders probe into Rajasthan copper mine accident
Indian Bureau of Mines, under the Union Mines Ministry has also issued an advisory to owners and managers of all underground metalliferous mines for safety of mine workers from winding failures.
Rajasthan mine lift collapse: Hindustan Copper Ltd official dies, 14 others rescued
A tragic incident occurred at Hindustan Copper Limited's Kolihan mine in Rajasthan, claiming the life of Chief Vigilance Officer Upendra Pandey. A lift transporting personnel collapsed, trapping 15 individuals, including Pandey. Despite rescue efforts, he succumbed to injuries. Investigations by both HCL and police are underway.
Coal India, NMDC exploring lithium mines overseas
State-run miners Coal India and NMDC are venturing into lithium mines in Chile and Australia, aiming to secure critical minerals. India's Mines Ministry encourages state-owned firms like ONGC Videsh to explore overseas. Delegations will visit Zambia and Congo for joint exploration. India eyes trade pacts for access to critical minerals globally, including with Chile and Mongolia.
Vedanta: How an old-age biz is trying to deliver a new-age baby
The complete acquisition of AvanStrate positions Vedanta in the display panel market, with plans to build its own display glass plant in Gujarat. The company is also eyeing partnerships for a potential chip plant. Vedanta's foray into electronics manufacturing, spearheaded by Agarwal's son-in-law Akarsh K. Hebbar, aligns with its core business of metals and mining.
Hindustan Zinc, Jindal Power, JK Cement in race with others for two gold mines in Rajasthan
Vedanta group's Hindustan Zinc, Jindal Power, and JK Cement are technically qualified bidders for two gold mines in Rajasthan. Companies like Ramgad Minerals, Hirakund Natural Resources, and Poddar Diamond are also in the running. The auction, initiated in March, will conclude this week, paving the way for full-scale production at Andhra Pradesh's first private gold mine by 2024. Deccan Gold Mines aims to produce 750 kilograms of gold annually from the Jonnagiri gold project, currently generating one kilogram per month.
India considers incentives for lithium processing
India is contemplating providing incentives to private companies to establish lithium processing facilities in an effort to develop its lithium mining sector and bolster the supply of the EV battery metal. Under a new critical minerals policy being formulated by the mines ministry, incentives would be offered to companies to set up lithium processing plants, covering aspects from exploration to mining to value addition. While the exact form of incentives is yet to be determined, the government aims to draw inspiration from countries like Australia and Canada.
Govt soon to finalise framework of state mining index to ensure ease of biz: Mines secretary
V L Kantha Rao emphasized the importance of a state mining index framework to promote cooperative federalism, competition, and data accuracy in the mining sector while urging states for timely data submissions.
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