Weekly Mining News: 04-08-2024

1. JSW Steel Surrenders Jajang Iron Ore Block Mining Lease in Odisha: Citing unviable operations, JSW Steel announced the surrender of its mining lease for the Jajang Iron Ore Block in Keonjhar, Odisha, on August 3, 2024. This mine was among the four iron ore mining leases acquired through auction in 2020.
   
   
2. European NGOs Advocate for More Debate on Deep-Sea Mining: Three European NGOs have commissioned an Ipsos survey in Belgium, Poland, and Italy to stimulate discussion on the risks associated with deep-sea mining. Environmental activists are concerned about the push to establish regulations for future commercial deep-sea mining activities in international waters.
   
   
3. Gold Price Surpasses $2,500 for the First Time: Gold futures for December delivery reached an unprecedented high of $2,522.50 in early trading before adjusting to $2,475.90 per ounce by 11:00 a.m. on August 2. This milestone comes amidst escalating geopolitical tensions and signs of a weakening U.S. economy.
   
   
4. Centre Opposes Retrospective Application of SC Ruling on Mining Royalty Case: Solicitor General Tushar Mehta stated that applying the Supreme Court’s July 25 ruling retrospectively, which allows states to tax mineral rights, could burden public sector units (PSUs) with a financial load of ₹70,000-80,000 crore.
   
   
5. India Launches Joint Venture for Strategic Minerals: The Indian government has established a joint venture company, KABIL, to operate in Argentina, Australia, and Chile. This move aims to secure a domestic supply of critical minerals and bolster the strategic minerals sector.
   
   
6. Chief Secretary Manoj Ahuja Reviews District Mineral Funds Utilization: Chief Secretary Manoj Ahuja reviewed the functioning of District Mineral Funds (DMFs) in a virtual meeting with district collectors from Angul, Jajpur, Jharsuguda, Keonjhar, Sundargarh, Koraput, Mayurbhanj, and Rayagada. He emphasized the importance of proper fund utilization.
   
   
7. Jharkhand Assembly Passes Bill to Levy Cess on Mined Minerals: The Jharkhand Assembly has passed a bill to impose a cess on mined minerals, aiming to boost state revenue. This follows the Supreme Court’s July 25 ruling that affirmed states’ legislative power to tax mineral rights.
   
   
8.  Forest Department and Singareni Collieries Clash Over Mining Operations: A dispute has arisen between the forest department and Singareni Collieries regarding mining activities at the 2 Seam in Srirampur-RK7 underground mine in Mancherial district. The forest department ordered the cessation of mining due to expired permits, while Singareni claims it applied for renewal but has not received it yet.
   
   
9. Iron Ore Prices Surge on Positive Demand Outlook: Iron ore futures prices climbed to a more than one-week high on Thursday. This rise is attributed to Rio Tinto’s optimistic demand outlook for China and ongoing hopes for more economic stimulus from the world’s second-largest economy.
10. Former Mines Director VG Venkata Reddy Suspended Over Sand Mining Irregularities VG Venkata Reddy, the former Mines Director, has been suspended following an Anti-Corruption Bureau investigation. The inquiry revealed violations of agreements and court orders, leading to substantial financial losses for the state.

Pic reference: https://www.deccanchronicle.com/