Weekly Mining News: 25-08-2024

1. Coal India Faces Rs 35,000 Crore Impact Following Supreme Court Mining Tax Ruling
   Coal India may experience a financial setback of up to Rs 35,000 crore due to a recent Supreme Court ruling on mining taxes. The company is currently seeking further clarification before making financial provisions.

2. World’s Second Largest Diamond Unearthed in Botswana
A massive 2,492-carat diamond, now recognized as the second-largest in the world, has been discovered in Botswana. The Canadian mining company responsible for the find has made the announcement.

3. Responsible Mining Key to Energy Transition, Says SRK Consulting
With about a third of the world’s mineral resources located in Africa, the continent is expected to play a pivotal role in global mineral development. SRK Consulting highlights that responsible mining practices are essential for advancing the energy transition towards a lower-carbon future.

4. Ministry of Coal Launches National Safety Portal to Achieve Zero Accidents in Mines
The Ministry of Coal has introduced a national safety portal aimed at eliminating accidents in coal mines, underscoring its commitment to workplace safety in the mining sector.

5. Government May Reduce Royalties to Mitigate Impact on Mining Companies Post Supreme Court Ruling: Ambit Capital
Following the Supreme Court’s ruling on mining taxes, Ambit Capital suggests that the central government might lower royalties to lessen the financial impact on mining companies.

6. Singareni Collieries Plans Entry into Lithium Mining Sector
The State government has reportedly directed the Singareni Collieries Company Limited (SCCL) to explore opportunities in lithium mining. This move is seen as part of the company’s strategy to diversify and expand its operations.

7. No Action Taken Against Officials in Odisha Mega Mining Scam, Government Informs Assembly
The Odisha government has informed the Assembly that no action has been taken against any government officials in connection with the M. B. Shah Commission’s report, which highlighted illegal mineral extraction worth nearly ₹60,000 crore.

8. Argentina to Sign Agreement with US to Boost Metals Mining Sector
Argentina is set to sign an agreement with the United States to attract more investment and trade in critical-minerals mining. Meanwhile, Eurasian Resources Group has already signed Memorandums of Understanding (MoUs) with major global companies from Japan.

9. 4,228 Acres of Forest Land Diverted for Mining in Karnataka Over 15 Years
According to information obtained under the RTI Act, 60 mining projects were approved in four districts of Karnataka between 2010 and March 2024, resulting in the diversion of 4,228 acres of forest land.

10. China Diversification Leaves $85 Billion Gap in Copper Supply Chain, Warns WoodMac
Analysts at Wood Mackenzie caution that the global shift away from China’s critical minerals, particularly copper, could jeopardize energy transition goals, leaving an $85 billion gap in the copper supply chain.

Ref: thehindu, decanherald, telenganatoday, zeebiz, economictimes, money.rediff.com, aljazeera etc

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