Weekly mining news: 19-05-2024
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- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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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