Weekly Mining News: 04.02.2024

1. 500 mineral blocks to be auctioned by FY26. The Ministry of Mines (GOI) has set a new target to put 500 blocks including Rare earth elements (REEs) and precious metals, a goal that was earlier envisaged to be achieved by 2024 end.
2. Coal Mine Tragedy: 6 Lives Lost in Nagaland’s Wokha district due to coal mine fire at 2 pm on 1^st Feb.
3. Over half of global mines and their impacts are undocumented: A recent commentary published in the journal “Nature”( S&P CAPITAL IQ PRO) has highlighted around 56% visible from satellite images have no production information listed, raising concerns about their mostly unmeasured environmental and social consequences.
4. Chinese companies to spend $7bn in Congo’s mining sector for Sicomines copper and cobalt Joint Venture.
5. Tata Steel to consider additional investment in the UK plant Port Talbot having 8000 employees, which is currently losing around 1 million pounds a day from its operations.
6. ED attaches more than 200 trucks in Tamil Nadu sand mining case in connection with unlawful sand mining activities, under the money laundering Act (PMLA).
7. Codrus sells gold rights from Australia project to FMR Investments Pty Ltd
8. Japan has added uranium to its list of critical minerals in a move that seeks to reduce its dependence on foreign sources of nuclear elements, particularly Russia’s, and to support domestic exploration and development projects.
9. Interim Budget of India: In the Budget speech, the Finance Minister’s emphasis on critical minerals signals a government commitment to achieving self-reliance in the supply of minerals crucial for cutting-edge technology.
10. Coal India achieves nearly 80% of its FY24 production target in ten months: For this financial year the overall production stood at 610 million MT, around 78% of the yearly target- 780 million MT

Source: – Financial express; thehawk.in; downtoearth.org.in; miningtechnology.com; Times of India; globalminingreview; mining.com: business-standard.com: livemint.com: cnbctv18.com:

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