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mining sector

Mining sector expands by 7.5% in FY24, iron ore production up 7.4%

India's mining sector grew by 7.5 per cent in FY24, with production of iron ore and limestone recording high growth during the year, an official statement said on Friday. For the month of March, the index of mineral production was 1.2 per cent higher year-on-year at 156.1. Production of iron ore was at 277 million metric tonne (MMT) in 2023-24 against 258 MMT in 2022-23, registering a growth of 7.4 per cent. "Showing a similar trend, limestone production has also surpassed the production record of 406.5 MMT achieved in FY 2022-23, increasing by 10.7 per cent to 450 MMT in FY 2023-24," the statement said. The production growth of iron ore and limestone reflects the robust demand conditions in the user industries viz. steel and cement. Coupled with the high growth in aluminium, these growth trends point towards strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery. In the non-ferrous metal sector, the production of primary .

Mining sector expands by 7.5% in FY24, iron ore production up 7.4%
Updated On : 03 May 2024 | 7:51 PM IST

CIL, Vedanta, Adani eye lithium mining rights in Chhattisgarh's Korba

In February 2023, the Geological Survey of India (GSI) discovered lithium in the Katghora tehsil of Korba district

CIL, Vedanta, Adani eye lithium mining rights in Chhattisgarh's Korba
Updated On : 11 Mar 2024 | 4:01 PM IST

NLC India jumps 5% as ICRA reaffirms rating on NCDs worth Rs 2,000 cr

That apart, NLC India has also participated in the bidding for 20 blocks in the initial phase of the auction for critical mineral blocks in India.

NLC India jumps 5% as ICRA reaffirms rating on NCDs worth Rs 2,000 cr
Updated On : 02 Mar 2024 | 10:01 AM IST

Brokerages bullish on Vedanta's prospects amid concerns over group's debt

Capex in aluminium and zinc should result in incremental cash flow of $1 billion-plus per annum once the plants ramp up fully, which could be in H2FY26

Brokerages bullish on Vedanta's prospects amid concerns over group's debt
Updated On : 28 Feb 2024 | 11:33 PM IST

Bihar achieves just 51.78% of mining revenue collection target till Feb 14

The Mines and Geology department of Bihar government has expressed concern over revenue collections falling short of the target and warned officials of strict disciplinary action if they fail to get their act together before the financial year comes to a close. Officials have managed to achieve just Rs 1,896.43 crore of its revenue target of Rs 3,662.39 crore for 2023-24 from the mining sector till February 14, 2024, according to documents. As per the latest review meeting chaired by the Director of Mines and Geology the department has achieved 51.78 per cent of the mining revenue collection target till February 14. In some districts such as Nalanda, Kaimur, Gaya, Aurangabad, Nawada, Jehanabad, Lakhisarai, Jamui, Munger, Kishanganj, Banka, Bhagalpur and Saran the revenue collection is less than 50 per cent, it said. "If the revenue collection in these districts does not increase immediately, strict disciplinary action will be initiated against the concerned officials of these ...

Bihar achieves just 51.78% of mining revenue collection target till Feb 14
Updated On : 22 Feb 2024 | 10:29 AM IST

Jindal Steel and Power Q3 results: PAT jumps four-fold to Rs 1,928 cr

The company, which has steel, mining and infrastructure businesses, said its consolidated net profit after tax increased to Rs 1928 crore ($232 million) in the three months to Dec. 31, from Rs 518 cr

Jindal Steel and Power Q3 results: PAT jumps four-fold to Rs 1,928 cr
Updated On : 31 Jan 2024 | 10:01 PM IST

India signs an agreement to acquire five lithium mines in Argentina

This is the first ever lithium exploration and mining project by a government company of India

India signs an agreement to acquire five lithium mines in Argentina
Updated On : 16 Jan 2024 | 7:54 AM IST

GACL ties up with Vedanta to explore opportunities in caustic-chlorine

Gujarat Alkalies and Chemicals Ltd (GACL) on Tuesday said it has signed an initial pact with Vedanta Aluminium for exploring various business opportunities in the areas of caustic-chlorine and other allied businesses. The Memorandum of Understanding (MoU) envisages to recognize the potential of adding value to the business of both GACL and Vedanta Aluminium by adopting a collaborative approach in common business interests to achieve synergy, GACL said in a regulatory filing. Vedanta Aluminium is a business of Vedanta Ltd. Accordingly, both the companies desire to explore the opportunities for cooperation in greater detail so that the resources could be pooled together in a mutually beneficial manner, it said. "With this MoU, both companies have, in-principle, agreed to jointly explore the business opportunities either in the form of joint venture project or through contractual arrangements of mutual interest," it added. Gujarat-based GACL has a production capacity of 8,52,400 tonn

GACL ties up with Vedanta to explore opportunities in caustic-chlorine
Updated On : 02 Jan 2024 | 3:39 PM IST

CCI study on mining sector flags iron ore varied pricing, export issues

The differential pricing of iron ore is likely to create competition concerns and exports of iron ore should also be discouraged, according to a study by fair trade regulator CCI. To ensure fair markets, the competition watchdog initiated a focused study on the mining sector, specifically iron ore in India, and its interconnected industries like steel. The goal was to assess the competition perspective and determine if the iron ore market is functioning appropriately within the broader economic landscape. In its market study on 'Dynamics of Competition in the Mining Sector in India With A Focus On Iron Ore', CCI has also flagged possible issues, with the pricing of iron ore from captive mines. "The allocation of captive mines to some players creates entry barriers in the iron ore and steel sector as entry and successful operation becomes costly for new firms," the Competition Commission of India (CCI) said in a release. As per the study, the differential pricing of iron ore for ..

CCI study on mining sector flags iron ore varied pricing, export issues
Updated On : 01 Jan 2024 | 11:43 PM IST

Odisha earned Rs 50,000 cr revenue from mining in FY 2021-22: Chief secy

Odisha Chief Secretary P K Jena on Wednesday said that the state has earned Rs 50,000 crore revenue from the mining sector in the financial year 2021-22. Addressing the 77th annual technical meeting of Indian Institute of Metals and National Metallurgist Award ceremony here, Jena said the mining sector has changed the financial situation of the state as revenue from the industrial activity increased ten-fold from just Rs 4,900 crore in the 2016-17 fiscal. "Revenue from the mining sector was about Rs 4,900 crore in 2016-17. In 2021-22, it grew to almost Rs 50,000 crore. This is an almost ten-fold increase in five years," Jena said, while highlighting the contribution of the mining sector to the state's economy. He said Odisha recognises the importance of metals and metallurgical infrastructure and is committed to supporting the sector. "Be it the development of new technology or collaboration with research and scientific institutions, we are here to support you," he told the ...

Odisha earned Rs 50,000 cr revenue from mining in FY 2021-22: Chief secy
Updated On : 22 Nov 2023 | 11:35 PM IST

Centre proposes amendment to boost state revenue from mining waste

The existing regulation permitted the leaseholder to dispose of these materials without specifying their intended use

Centre proposes amendment to boost state revenue from mining waste
Updated On : 21 Nov 2023 | 8:25 PM IST

GMDC soars 15% on heavy volumes; stock more-than-doubled in 2 months

CARE Ratings believes that GMDC will continue to maintain its dominant market position in the lignite mining business with a healthy operating performance backed by sales volume growth.

GMDC soars 15% on heavy volumes; stock more-than-doubled in 2 months
Updated On : 10 Oct 2023 | 1:41 PM IST

Industrial production rises 3.7% in June against 5.3% in May: NSO data

The data released by the National Statistical Office (NSO) showed that the manufacturing sector's output increased by 3.1 per cent in June 2023

Industrial production rises 3.7% in June against 5.3% in May: NSO data
Updated On : 11 Aug 2023 | 6:12 PM IST

Vedanta slips 9%, nears 52-week low on huge block deals

Till 09:52 am; around 371.7 million equity shares, which represented 5.6 per cent of Vedanta's total equity changed hands on the NSE and BSE

Vedanta slips 9%, nears 52-week low on huge block deals
Updated On : 03 Aug 2023 | 10:05 AM IST

Power Mech zooms 20% on securing mega mine development contract from SAIL

The company has bagged a Mine Development and Operation (MD) project for an estimated value of Rs 30,438 crore from SAIL, and the duration of the contract is 28 years.

Power Mech zooms 20% on securing mega mine development contract from SAIL
Updated On : 31 Jul 2023 | 9:41 AM IST

Ministry of Mines set to release list of critical minerals for India

The list will serve as a guiding framework for policy formulation, strategic planning, and investment decisions in the mining sector

Ministry of Mines set to release list of critical minerals for India
Updated On : 27 Jun 2023 | 6:12 PM IST

Reforms in coal, mining sector led to increased revenues: Pralhad Joshi

State revenues have improved and production of coal and other minerals increased significantly on the back of reforms taken by the government in the coal and mining sectors, Union minister Pralhad Joshi said on Wednesday. The minister made the remarks at a conference on 'Achievements of Coal and Mines Ministry' in the national capital. "In the last 9 years of the Modi government, there have been various reforms in the whole coal and mining sector. Country is moving towards Atmanirbharta. 2014 onwards, the first-come-first-serve system was totally removed and a transparent auction regime was set in place and by that state got a huge revenue both as far coal and mining sectors are concerned," the minister for coal and mines said. Citing examples, the minister said the revenue of Odisha from coal and other minerals increased multi-fold to Rs 50,000 crore in 2021-22, from Rs 5,000 crore in 2015-16. The government made amendments to the Mines and Minerals (Regulation and Development) ..

Reforms in coal, mining sector led to increased revenues: Pralhad Joshi
Updated On : 07 Jun 2023 | 9:59 PM IST

Encouraging GDP numbers, but mining and quarrying segment disappoints

Sector contracted in FY23 compared to FY19 and marginally grew over pre-Covid FY19

Encouraging GDP numbers, but mining and quarrying segment disappoints
Updated On : 01 Jun 2023 | 1:50 PM IST

Startups must look for biz opportunities in mining sector: Mines Secretary

There are a lot of business opportunities for startups in the domestic mining sector where production worth around USD 7 billion happens annually, Mines Secretary Vivek Bharadwaj said on Thursday. The sector faces several technological challenges, and the startups can explore these issues as a business opportunity for them, the official said while addressing the reporters in the national capital. In the Indian mining sector, production worth USD 7 billion happens every year. Globally, India is the 4th largest in iron ore production and 5th in bauxite. Despite this, most of the startups that are in the area of fintech, edutech, e-com etc, he said at the logo launch event of '1st Mining Start-up Summit'. On the scope for startups in the sector, Bharadwaj said the players face various technological challenges. During rains and fog, carrying out mining becomes an issue. Challenges are faced in communicating with workers in underground mines. Startups can develop technologies to overcome

Startups must look for biz opportunities in mining sector: Mines Secretary
Updated On : 11 May 2023 | 7:41 PM IST

Union minister urges mining sector to contribute 2.5% in GDP by 2026-27

Union minister Pralhad Joshi on Wednesday urged all stakeholders from the mining industry to take the sector's contribution to GDP to 2.5 per cent by 2026-27 and said that the government will come up with investor-and industry-friendly norms. Joshi, who holds the portfolios of Parliamentary affairs, coal and mines, was speaking at the 75th foundation day of the Nagpur-based Indian Bureau of Mines, a multi-disciplinary government organisation. The minister said many sectors in India are transforming and the country's mining businesses can achieve the target of a 2.5 per cent contribution to the country's Gross Domestic Product (GDP) by 2026-27. Addressing entrepreneurs and representatives of the mining sector, Joshi said the Indian Bureau of Mines, government and private mining entities should work towards this goal. Joshi said the government has brought in many changes in the sector and would be introducing more investor-and industry-friendly norms in future, most probably in the .

Union minister urges mining sector to contribute 2.5% in GDP by 2026-27
Updated On : 01 Mar 2023 | 10:23 PM IST