Mineral Sector

SC junks pleas against verdict allowing states to levy tax on minerals

The Centre in September had said there were several 'errors apparent in the judgment', and sought a review of the judgement of nine-judge bench

India, US may sign pact on critical minerals to bolster trade ties

The initial pact on critical minerals would help build supply chains, exchange technical know-how, and promote collaboration between Indian and American businesses in the sector

India joins US-led security finance network to secure critical minerals

The Minerals Security Finance Network seeks to promote collaboration between the Indo-Pacific region and Europe, ensuring a secure, sustainable, and diversified supply of critical minerals

Rajasthan govt to launch new mineral policy to attract investment

The total revenue from minerals in Rajasthan was estimated at over Rs 7,460 crore in FY24

India set to kick off its first offshore mineral auction: Mines Secretary

He encouraged the industry to study the exploration reports of these blocks and bring in interested domestic and international players

Bihar govt expecting Rs 5,000 cr revenue from mineral block auction

The Bihar government is expecting an earning of around Rs 5,000 crore from the auction of mineral blocks in Rohtas, Gaya and Jamui, a senior official said on Wednesday. Blocks of glauconite in Rohtas and rocks containing chromite (Cr), nickel (Ni) and platinum group of elements (PGE) in Gaya have been recently auctioned, he said. "Three more mineral blocks in Rohtas and Jamui will be auctioned by the state government in October. The government is expected to earn Rs 5,000 crore from the auction of these blocks, including those auctioned recently," Mines and Geology Department Additional Chief Secretary Mihir Kumar Singh said. In a bid to effectively monitor mining activities and take stringent action against those indulging in illegal practices in the sector, the department has requested the authorities concerned to grant magisterial power to mining officers and inspectors, he said. "If our officers are granted magisterial power, the department will work more independently and ...

UAE joins final UN SG's Critical Energy Transition Minerals panel in Kenya

During last meeting, panel members stressed importance of forming stronger foundations, focusing on international cooperation to achieve mutual and collective benefits with respect to mining industry

Centre to offer financial support to boost critical minerals sector growth

The focus of this initiative is to help find ways to develop extraction technology and better methods of beneficiation

India, UK explore green technology for recycling critical minerals

This initiative is designed to enhance the sustainability of critical mineral supply chains from exploration, mining, smelting, processing, and recycling

Critical minerals emerged as drivers of modern economy: Coal minister

Coal and mines minister G Kishan Reddy on Thursday said that critical minerals have emerged as drivers of the modern economy and the Centre has ensured the country taps into this global opportunity through the launch of the National Critical Mineral Mission. Union Budget 2024-25 has proposed launching Critical Mineral Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets. Its mandate will include technology development, skilled workforce, extended producer responsibility framework, and a suitable financing mechanism. Addressing the national seminar on challenges and opportunities in the mines and minerals sector organised by the Mining, Geological, Metallurgical Institute of India, Reddy said that the government has brought about a paradigm change in the coal and minerals sector, making it transparent and competitive. He elaborated on the government's extensive efforts over the past decade to harness this potential throu

Refund of mineral royalties could cost Rs 70k-80k crore: Centre to SC

On July 25, a nine-judge constitution bench ruled that the power to tax mineral rights lies with the states and that royalty paid on minerals is not a tax.

Carborundum Universal results: Consolidated Q1 net profit at Rs 114.84 cr

Abrasives manufacturer Carborundum Universal Ltd (CUMI) has reported a consolidated net profit for April-June 30, 2024 at Rs 114.84 crore, the company said on Tuesday. The city-based company, part of the diversified conglomerate Murugappa Group, had registered a net profit of Rs 117.76 crore during the corresponding quarter of last year. For the year ending March 31, 2024, the consolidated net profit was at Rs 476.18 crore. The consolidated total income during the June-quarter fell to Rs 1,204.56 crore, from Rs 1,234.13 crore registered during the corresponding quarter of last year. For the year ending March 31, 2024, the consolidated total income was at Rs 4,778.84 crore. The company said the consolidated abrasives grew at 6.3 per cent during the April-June 2024 quarter, while the ceramics and electro-minerals segment fell by 6 per cent and 9 per cent respectively. "Profit after tax and non-controlling interest for the quarter was almost flat at Rs 113 crore against Q1 of last y

Vedanta Nico inks pact for supplying nickel to US-based AEsir Technologies

Vedanta Nico, a subsidiary of Vedanta Ltd, on Monday said it has entered into a pact with US-based AEsir Technologies for the supply of nickel, a critical component for next-generation batteries. Nickel plays an important role in EV battery technology, particularly in the cathode, where it enhances energy density, power output, and battery lifespan. Nickel-rich batteries, such as nickel-zinc variants, offer fast charging, reduce reliance on cobalt, and improve the overall electric vehicle (EV) value proposition. The global demand for nickel in batteries is projected to reach 500,000 tonnes by 2025 from 150,000 tonnes in 2020 due to the expanding EV market adoption. The International Energy Agency (IEA) forecasts that the number of electric cars will rise from over 10 million in 2020 to 145 million by 2030, spurred by larger battery capacities, faster charging, and advancements in reducing cobalt use. "Vedanta Nico, India's primary nickel producer, has signed a strategic Memorandum

India's critical minerals: EV boom ahead, but policy gaps persist

The Centre has also extended the concessional Customs duty of 5 per cent on Li-ion cells until March 2026

Budget 2024: Proposals for critical minerals to help achieve net-zero goals

The Budget announcements related to critical minerals and green transition will not only make India self reliant in resources but also help in meeting net-zero goals, energy industry players said. In her Budget speech on Tuesday, Finance Minister Nirmala Sitharaman announced a slew of measures for sectors, including infrastructure, manufacturing, healthcare, education, startups, and green energy, among others. Amit Rautela, CFO of state-owned Meja Urja Nigam said the Budget has strategically addressed present requirement of thermal power with a focus on Advanced Ultra Super Critical (AUSC) technology through joint venture route. Further, duty related measures for critical minerals will make the country self reliant in these important resources. According to Rahul Walawalkar, President of India Energy Storage Alliance (IESA), the announcement for pumped hydro storage in budget is a key step for supporting long duration energy storage technologies. Abolishment of angel tax is a great

Budget 2024: FinMin announces Critical Mineral Mission; what we know so far

Union Budget 2024: Finance Minister Nirmala Sitharaman announced the government will soon conduct the first round of offshore mineral auction round under the Critical Mineral Mission

Pentagon expresses concern at growing China, Russia cooperation in Arctic

China has its eye on mineral resources and new shipping routes as ice packs recede with rising temperatures

Coal India forays into critical mineral mining in Madhya Pradesh

CIL won the bid by quoting a mining premium of 150.05 per cent of the value of the mineral despatch, which it will pay to the State of Madhya Pradesh

Centre expands area limits by over 4x to boost critical minerals mining

The move comes after the Centre faced a setback in its initial auction of critical mineral blocks earlier this year

ISA members negotiate deep sea mining code in Jamaica as opposition mounts

Supporters say deep sea mining will help boost supplies of raw materials like cobalt and nickel, which are needed for the global energy transition