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Weekly mining news: 19-05-2024

  1. JSW Steel Acquires Majority Stake in Mozambique Mining Firm: JSW Steel is set to acquire a 92.2% stake in a Mozambique-based mining company for $73.8 million. This acquisition grants JSW Steel access to over 800 metric tonnes of premium hard coking coal reserves.
  2. Supreme Court Halts Mining Near Sariska Tiger Reserve: The Supreme Court has ordered a halt to all mining activities around the Sariska Tiger Reserve. The court was informed that 110 mines were operating in the area in violation of its April 26, 2023, decision.
  3. Hindustan Zinc and JK Cement Qualify as Bidders for Rajasthan Gold Mines: Companies including Hindustan Zinc and JK Cement have qualified as bidders for the Jonnagiri gold project in Rajasthan. Once fully operational, the project is expected to produce about 750 kilograms of gold annually.
  4. Anglo American to Sell De Beers Diamond Business: Anglo American, a UK mining giant, plans to sell its De Beers diamond business after rejecting a £34 billion bid from rival BHP.
  5. Zinc Prices Drop as Boliden Resumes Production: Zinc prices fell by 0.45% to 264 on May 14, following Swedish mining giant Boliden’s announcement to resume production at its Tara zinc mine.
  6. Government to Auction Offshore Mineral Blocks: The government plans to auction 10 offshore critical mineral blocks within the next two to three months, according to Mines Secretary VL Kantha Rao.
  7. Tata Steel Opens New Hospitals in Jharkhand: Tata Steel inaugurated two new Tata Main Hospitals (TMH) in Noamundi and West Bokaro, Jharkhand, on May 16, 2024. These state-of-the-art facilities will add over 200 beds to the region’s healthcare capacity.
  8. Vedanta Board Approves Fundraising of Up to Rs 8,500 Crore: Anil Agarwal-led Vedanta has received board approval to raise up to Rs 8,500 crore. This is the second fundraising initiative by the company this fiscal year, following a $300 million debt securities raise last month.
  9. Norway Wealth Fund Blacklists Adani Ports Over Ethical Concerns: Norway’s government pension fund, managed by Norges Bank, has blacklisted Adani Ports and Special Economic Zone (APSEZ) due to ethical concerns. The blacklist also includes US-based L3Harris Technologies and China’s Weichai Power.
  10. SEBI Notices Issued to Seven Adani Group Companies: Seven listed Adani Group companies, including Adani Enterprises, Adani Green Energy, Adani Power, Adani Energy Solutions, Adani Total Gas, and Adani Wilmar, received SEBI notices in Q4 FY2024 for regulatory violations.
  1. JSW Steel Acquires Majority Stake in Mozambique Mining Firm: JSW Steel is set to acquire a 92.2% stake in a Mozambique-based mining company for $73.8 million. This acquisition grants JSW Steel access to over 800 metric tonnes of premium hard coking coal reserves.
  2. Supreme Court Halts Mining Near Sariska Tiger Reserve: The Supreme Court has ordered a halt to all mining activities around the Sariska Tiger Reserve. The court was informed that 110 mines were operating in the area in violation of its April 26, 2023, decision.
  3. Hindustan Zinc and JK Cement Qualify as Bidders for Rajasthan Gold Mines: Companies including Hindustan Zinc and JK Cement have qualified as bidders for the Jonnagiri gold project in Rajasthan. Once fully operational, the project is expected to produce about 750 kilograms of gold annually.
  4. Anglo American to Sell De Beers Diamond Business: Anglo American, a UK mining giant, plans to sell its De Beers diamond business after rejecting a £34 billion bid from rival BHP.
  5. Zinc Prices Drop as Boliden Resumes Production: Zinc prices fell by 0.45% to 264 on May 14, following Swedish mining giant Boliden’s announcement to resume production at its Tara zinc mine.
  6. Government to Auction Offshore Mineral Blocks: The government plans to auction 10 offshore critical mineral blocks within the next two to three months, according to Mines Secretary VL Kantha Rao.
  7. Tata Steel Opens New Hospitals in Jharkhand: Tata Steel inaugurated two new Tata Main Hospitals (TMH) in Noamundi and West Bokaro, Jharkhand, on May 16, 2024. These state-of-the-art facilities will add over 200 beds to the region’s healthcare capacity.
  8. Vedanta Board Approves Fundraising of Up to Rs 8,500 Crore: Anil Agarwal-led Vedanta has received board approval to raise up to Rs 8,500 crore. This is the second fundraising initiative by the company this fiscal year, following a $300 million debt securities raise last month.
  9. Norway Wealth Fund Blacklists Adani Ports Over Ethical Concerns: Norway’s government pension fund, managed by Norges Bank, has blacklisted Adani Ports and Special Economic Zone (APSEZ) due to ethical concerns. The blacklist also includes US-based L3Harris Technologies and China’s Weichai Power.
  10. SEBI Notices Issued to Seven Adani Group Companies: Seven listed Adani Group companies, including Adani Enterprises, Adani Green Energy, Adani Power, Adani Energy Solutions, Adani Total Gas, and Adani Wilmar, received SEBI notices in Q4 FY2024 for regulatory violations.

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open pit

Weekly Mining News: 12-05-24

  1. Mining Billionaire Anil Agarwal – led Vedanta Fully Acquires Japanese Firm Avan Strate. AvanStrate Inc. is a pioneering manufacturer of LCD glass substrates using the world’s leading technology
  2. Indian Mines Secretary Inaugurates Registered Office of Khanij Bidesh India Limited (KABIL) In New Delhi. KABIL, a Joint Venture Company formed by NALCO, HCL and MECL, the CPSEs under the Ministry of Mines, is entrusted with the important mission of identifying, exploring, acquiring, and developing critical & strategic mineral assets overseas.
  3. Tensions grow in European countries, as China ramps up global mining of “lithium triangle” of Argentina, Bolivia, and Chile, which holds most of the world’s lithium reserves.
  4. In 2024, Geologists are exploring whether magmatic brine can be tapped for dissolved treasure such as lithium, copper, and cobalt. The next critical mineral source could be volcanic soup.
  5. Indian mines secretary says- Framework for state mining index to be finalized soon: The Index would serve as a tool for stakeholders of the mining sector to understand different aspects related to the ease of doing mining business within a state.
  6. Indian mines ministry has begun work on new policy to promote critical minerals by offering incentives at each stage of the production process, said VL Kantha Rao, secretary. mines ministry
  7. India’s Coal Consumption and Emissions Hit Record Highs in Q1. Amid a heatwave and reduced hydropower generation, India boosted its coal consumption to a record high in the first quarter of the year, which also drove up emissions from the power sector to an all-time high.
  8. SC bars 4 states from granting fresh mining leases in Aravali. Supreme Court restricts new mining in Aravali, India’s oldest mountain range. Existing mining is unaffected.
  9. Rs 5 crore to Rs 363 crore in 10 yrs: Haryana revenue from legal mining sees uptick; but activists call for checks
  10. This month, British Columbia celebrates Mining Month in May 2024.

Ref: www.bbc.com ; www.tripurastarnews.com; https://www.tripurastarnews.com/; https://www.business-standard.com/; https://economictimes.indiatimes.com/;   https://timesofindia.indiatimes.com/

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Weekly Mining News: 05-05-2024

  1. India’s mining sector grew by 7.5 percent in FY24, with production of iron ore and limestone recording high growth of 7.4% during the year. Note: India Is The Second Largest Aluminium Producer, Third Largest Lime Producer, And Fourth Largest Iron Ore Producer In The World.
  2. G7 countries have further demonstrated their commitment to a low-carbon future: Leaders make a historic decision to shut down all coal power plants by 2035.
  3. Cop crushed to death by mining mafia: An Assistant Sub-Inspector (ASI) has been crushed to death by a tractor-trolley used for transporting illegally mined sand in Madhya Pradesh’s Shahdol district
  4. Goa’s mining industry: Union Home Minister Amit Shah on Friday assured that the mining industry in Goa will start full-fledged in next two years.
  5. Chinese miners see opportunities as BHP’s mega bid unfolds: China’s leading metals companies, including its state iron ore buyer, are considering their next moves following BHP Group’s blockbuster $39 billion approach for rival Anglo American Plc, potentially the largest mining deal in over a decade.
  6. India is unlikely to impose tariffs on exports of low-grade iron ore for now despite rising overseas sales to China. China typically accounts for more than 90% of overall shipments of iron ore from India which is the world’s fourth-largest producer of the steel-making ingredient.
  7. The mineral production Index data of India shows, Mineral Production in the Country Grows by 8 percent in February, Compared to Last Year.
  8. Anglo American CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time since the miner rejected BHP Group’s $39 billion takeover bid.
  9. Swedish mining group Boliden will restart production at its Tara zinc mine in Ireland after it was paused in 2023.
  10. Even in an optimistic low emission scenario for 2050, more than half the world’s copper mines will be in areas exposed to drought risk that’s deemed significant, high or extreme, according to a PricewaterhouseCoopers LLP report released this week

Ref: business-standard.com; www.tribuneindia.com; pibdotgovdotin; miningweeklydotcom

Picture credit- https://cisp.cachefly.net

Read last news- https://waartsy.com/weekly-mining-news-24thapril-24/

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