Weekly Mining News: 07-07-2024

1. Coal Sector Growth: The coal industry led core industry growth with a 10.2% surge in May 2024. The coal industry’s index rose to 184.7 points in May 2024, up from 167.6 points the previous year. The cumulative index for coal increased by 8.9% during April-May 2024-25 compared to the same period last year.
2. TN Government Investigates Adani Coal Import Scam: TN Government Launches Probe Into Allegations of Coal Import Scam by Adani: Reports. Whistleblower claims Tamil Nadu govt officials’ hand in Adani ‘coal scam’
3. 10th Round of Coal Auctions Launched: The Ministry of Coal has launched the 10th round of auctions, with over 100 industry representatives participating.
4. Budget 2024 and Mining Industry: The metals and mining industry is seeking increased spending on infrastructure and logistics in the 2024 budget, expressing disappointment over the lack of specific announcements or allocations in the interim budget.
5. Gem Diamonds Finds 123-Carat Stone: Gem Diamonds has discovered a 123-carat diamond in Lesotho. The Letšeng mine is noted for having the highest dollar-per-carat value in the world.
6. Legal Notice Over Sand Mining Allegations: A Telangana minister has sent a legal notice to KCR regarding a video that caused severe distress and damage to Seethakka, estimated at ₹100 crore.
7. US Involvement in Congo Mine Sale: The US intervened in a mine sale in Congo to a Chinese arms group, encouraging the state miner Gécamines to review the sale to a subsidiary of Chinese defense company Norinco.
8. Karnataka Halts Land Transfer for Mining: The Karnataka government has halted the transfer of Sandur land for mining activities, a week after HD Kumaraswamy approved KIOCL’s mining activities in the forest area near Sandur.
9. GoviEx Uranium Mining Licence Revoked: GoviEx Uranium faces a setback as Niger revokes its mining licence, declaring the permit area as public domain.
10. Canada Protects Mining Sector from Takeovers: Canada has introduced policies to protect its mining sector, aiming to shield domestic companies from takeovers amid the global hunt for metals essential to the transition away from fossil fuels.

Reference: hindustantimes, siasat, cbnctv18, thewire, economic times, the print, business-standard, moneycontrol, miningdotcom, ft.com, miningtechnology

Picture Reference: ft.com

Read last week’s post: https://waartsy.com/weekly-mining-news-30-06-2024/