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Weekly Mining News: 25-02-2024

1.       Again the news of Landslides in Philippines and Venezuela:  At least 23 dead after open-pit gold mine collapses in Bolivar state of Venezuela on 21st Feb and Kills nearly 100 in Philippines.

2.       The Ministry of Coal has received an overwhelming response (40 bids) for the coal mines offered under the ninth tranche of commercial coal mine auctions.

3.       Chinese mining Zijin Mining secures the green light for a massive expansion of Tibet copper mine

4.       Australian mining giant BHP has announced a profit of $6.6bn (A$10.04bn) in the second half (H2) of 2023, the same as last year despite volatility in global commodity prices and demand in China.

5.       Decks have been cleared for fresh extraction of iron ore in the state of Goa: EAC has recommended granting EC to Vedanta Ltd to extract 3 million tonnes per annum at the Bicholim block.

6.       Centre tells – there is no need for a ceiling on mining iron ore in Odisha as more than 70% of its ore areas remain unexplored. This comes after concerns were raised about fast-depleting reserves in the eastern state just like Karnataka and Goa.

7.       India’s mineral production rises 5.1 per cent in December. Key mineral productions included coal (929 lakh tonnes), lignite (40 lakh tonnes), iron ore (255 lakh tonnes), and limestone (372 lakh tonnes).

8.       Centre notifies conversion factors and average sale price calculation for critical minerals. IBM will publish data based on publications by the United States Geological Survey (USGS).

9.       Coal India aims to participate in the auctions for lithium and nickel mines, targeting 3 critical mineral blocks.

10.   Lab-grown diamonds growth likely to be manifold in 2024 amidst the natural diamonds price drop: Analysis report of the hindubusinessline

Ref: miningtechnology; timesofindia, Hindustan times, Aljazeera, mining magazine, economic times, BBC etc.

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Weekly Mining News: 18-02-2024

1.       Govt readying to auction 59 offshore mineral mines in next 2-3 months: Mines Secretary

2.       Skyrocketing Battery Mineral Demand Set to Outpace Supply By this year: The rising demand for key minerals, driven in part by the move to EVs, could result in a supply gap that provides a potential investment opportunity in mineral exploration and mining companies. 3.       India to leverage US-led Minerals Security Partnership to help PSUs secure critical mineral assets abroad: The Union Mines Ministry has proposed to circulate critical mineral block proposals received by partner countries in the US-led Minerals Security Partnership (MSP) with central public sector undertakings or PSUs to allow them to acquire critical mineral assets abroad.

4.       National Coal Index declines 4.75% in December due to shfifting towards green energy. 5.       Coal scam: CBI names Monnet Ispat and Energy, CMD Jajodia in charge sheet: FIR was registered after five years on July 18, 2017, against the company for alleged irregularities in allocation and running of Gare Palma and Rajgamar Dipside coal blocks in Chhattisgarh

6.       SSR Mining of Turkey halts gold production in Turkey after landslide, shares tank at least nine miners missing and sparked a more than 50% plunge in its Toronto-listed shares

7.       Extraction of raw materials could rise 60% by 2060 – and making mining ‘greener’ won’t stop the damage: The United Nations’ flagship Global Resources Outlook report

8.       Extracting critical minerals from produced water advancing in the oil industry: Kyle Murray, principal scientist with Murray GeoConsulting. He said it is a way to offset the cost of treatment and generate additional revenue

9.       Hindalco Industries Ltd. is bidding for critical minerals exploration sites being auctioned by India, as the metals producer owned by billionaire Kumar Mangalam Birla seeks to build its portfolio of materials required for the world’s green energy transition.

10.   NMDC, the country’s largest iron-ore miner to ramp up gold mining in Australia, and pre-feasibility studies soon for lithium reserves.

11.   Vedanta starts provision of funding to KCM in Zambia

Ref: miningweekly.com, oilprice.com, mining.com, thehindubusinessline.com

Read previous week’s news- weekly mining news 11-02-2024 https://waartsy.com/weekly-mining-news-11feb24/

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Weekly Mining News: 11-02-2024

1.       Odisha govt’s revenue receipts from mining stood at Rs 38,075.07 crore, increase of 24.26% compared to 2021-22, a recent govt report published in Feb-24 2.       30 Congress MLAs in Chhattisgarh Assembly Suspended for Opposing Mining in Hasdeo Forest on the decision to fell over 15,000 trees

3.       Billionaire Adani secures ore for $1.2bn copper smelter: They signed contracts to buy 1.6-million tons a year of copper concentrate for the world’s largest single-location smelter in Mundra in the western state of Gujarat

4.       No mining activities will be allowed near temples: Goa Chief Minister Pramod Sawant

5.       No GST on mining lease royalty says Madras HC. A division bench of the Madras High Court, consisting of Justices R Mahadevan and Mohammed Shaffiq, has restrained Tamil Nadu govt from recovering the GST on seigniorage/royalty towards mining leases until a Constitution bench of the Supreme Court takes a decision on the issue.

6.       New sand policy soon, says Telangana CM Revanth as 25% of sand mined illegally.

7.       IPO-Bound Ola Electric Mulls Bidding For Lithium Mining Rights. Getting the mining rights for lithium will help the startup, which is constructing its Ola gigafactory with a projected production capacity of 20 GWh. The Centre has put 5.9 Mn tonnes of lithium reserves found in Jammu and Kashmir on auction

8.       Bill Gates-backed mining start-up- KoBold Metals- which uses Artifical Intelligence (AI) to explore for materials essential to the green-energy transition, said that it has discovered a huge copper deposit in Zambia.

9.       Australia govt invests in wind farm to power BHP copper mine. The Australian government, through the Clean Energy Finance Corporation, has announced a A$99-million investment in Neoen’s Goyder wind farm and big battery project, which will provide electricity to BHP’s copper mine in the northern part of South Australia.

10.   Brazilian miner Vale and newcomer Hydnum Steel have signed a memorandum of understanding to study building an iron-ore briquette plant at Hydnum Steel’s first factory in Spain, which will be powered by “green” hydrogen.

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Weekly Mining News: 04.02.2024

  1. 500 mineral blocks to be auctioned by FY26. The Ministry of Mines (GOI) has set a new target to put 500 blocks including Rare earth elements (REEs) and precious metals, a goal that was earlier envisaged to be achieved by 2024 end.
  2. Coal Mine Tragedy: 6 Lives Lost in Nagaland’s Wokha district due to coal mine fire at 2 pm on 1st Feb.
  3. Over half of global mines and their impacts are undocumented: A recent commentary published in the journal “Nature”( S&P CAPITAL IQ PRO) has highlighted around 56% visible from satellite images have no production information listed, raising concerns about their mostly unmeasured environmental and social consequences.
  4. Chinese companies to spend $7bn in Congo’s mining sector for Sicomines copper and cobalt Joint Venture.
  5. Tata Steel to consider additional investment in the UK plant Port Talbot having 8000 employees, which is currently losing around 1 million pounds a day from its operations.
  6. ED attaches more than 200 trucks in Tamil Nadu sand mining case in connection with unlawful sand mining activities, under the money laundering Act (PMLA).
  7. Codrus sells gold rights from Australia project to FMR Investments Pty Ltd
  8. Japan has added uranium to its list of critical minerals in a move that seeks to reduce its dependence on foreign sources of nuclear elements, particularly Russia’s, and to support domestic exploration and development projects.
  9. Interim Budget of India: In the Budget speech, the Finance Minister’s emphasis on critical minerals signals a government commitment to achieving self-reliance in the supply of minerals crucial for cutting-edge technology.
  10. Coal India achieves nearly 80% of its FY24 production target in ten months: For this financial year the overall production stood at 610 million MT, around 78% of the yearly target- 780 million MT

Source: – Financial express; thehawk.in; downtoearth.org.in; miningtechnology.com; Times of India; globalminingreview; mining.com: business-standard.com: livemint.com: cnbctv18.com:

Read the last post on weekly news- weekly mining news: jan-24

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