Weekly Mining News: 09-06-2024

1. NMDC Reports 36% YoY Drop in Iron Ore Production for May’24: NMDC witnessed a decline in iron ore production, down to 2.34 million tonnes (MT) in May 2024 from 3.71 MT in May 2023.
2. Iron Ore Prices Dip to Seven-Week Low Amid Softening China Steel Demand: The iron ore market experiences a downturn as China’s steel demand weakens and expectations of higher supply prevail.
3. Yogi Government Initiates Green Coal Project to Foster Self-Reliance in UP: Uttar Pradesh government launches the Green Coal Project in Noida, aiming to process 900 TDP per day, generating electricity from waste. This initiative aligns with the Swachh Bharat Mission and is projected to produce 200 tons of green coal and 1000 MW of electricity daily. Green coal, also known as bio-coal or RPPWFTM, is a sustainable alternative to coal and oil that’s made from non-hazardous waste materials.
4. Coal India’s Contribution to Government Exchequer Declines: Coal India’s financial contribution to the government diminished by 2.2% to Rs 9,560 crore in April-May compared to Rs 9,777.64 crore last year.
5. Colombia to Temporarily Halt Coal Sales to Israel: Colombia announces the suspension of coal sales to Israel until the cessation of the Gaza conflict.
6. Major Economies Pledge to Cease New Private Sector Coal Financing: Several major economies aim to finalize a plan before the upcoming U.N. climate summit to halt new private sector funding for coal projects.
7. Dozens Trapped in Nigeria Gold Mine Collapse: Following a mining site collapse in Niger, dozens of gold miners are trapped, with 16 still awaiting rescue after 5 days.
8. Vedanta Surges Following SBI’s Approval of Demerger Plan: Vedanta’s stock rises over 3.50% after reports suggest SBI’s approval of the mining firm’s demerger plan.
9. Newmont CEO Foresees Copper Demand Boom Driving Mining Deals: The CEO of Newmont anticipates a surge in copper demand, potentially catalyzing new mining agreements.
10. Tata Steel Receives Potential $3.26 Billion Dutch Support for Green Transformation:Tata Steel confirms reports of a potential $3.26 billion Dutch support aimed at facilitating the green transformation of its IJmuiden factory.

Ref: MSN, ZeeBiz, Hindustan Times, Business Standard, Kitco, BBC, Mining.com, The Statesman

Picture credit: bbc.com

read last week’s post: https://waartsy.com/weekly-mining-news-02-06-2024/