Have you read these stories?

India is slowly turning into a startup hotspot for foreign nationals

A host of foreign nationals are relocating to India to fulfil their startup ambitions despite stumbling blocks.

iron ore

Jan 19, 2020, 04.07 AM IST

SEARCHED FOR:

IRON ORE

Odisha likely to auction Sukinda chromite and Guali iron ore mine

Odisha had kicked off the auctions of working mines by first putting two non-captive chromite blocks under the hammer – the Kamarda deposit being mined by BC Mohanty and the Saruabil mine by Misrilall Mines. Both were bagged by a Tata Steel subsidiary at steep bids of 96.8 percent and 88.5 per cent and respectively.

NMDC executes and registers 4 of its iron ore mining leases in Chhattisgarh

The mining lease areas for deposit-5, 10, 14 and 14 NMZ are 540.05 Ha, 309.34 Ha, 322.36 Ha and 506.74 Ha respectively.

ET Prime Distribution
  • In the process, RMD mines also notched up their highest-ever lump ore production of 7.48 mt beating the previous record of 7.14 mt achieved in 2018. Improvement in iron ore lump supply is slated to improve hot metal productivity for SAIL plants, the statement added.

    The state-run miner posted a marginal 0.7% rise in production of iron ore up to the month of December 2019 (Apr-Dec' 2019) at 22.01 mt, compared to a production of 21.85 mt in the same period last year.

    "The above issuance is pursuant to the approval of the shareholders passed vide special resolution at the 53rd annual general meeting of the company held on August 24, 2018 and the board of directors' resolution passed at their meeting held on May 7, 2019," the filing said.

    Prices could further rise by as much as 15% over the next three months given the high price differential between domestic and imported iron ore, the report said. Domestic iron ore prices are estimated around $65 per tonne as against $85 to $90 per tonne for imported ore.

    The decision was taken after Adani group and ArcelorMittal, who participated in the first of two rounds of auctions, complained against JSW’s decision to bid for the largest block through half a dozen subsidiaries. Senior officials of Naveen Patnaik’s government spent the weekend holding a series of meetings to save these high-stake auctions.

    NMDC also posted a marginal rise in iron ore production to 18.89 million tonne between April -November 2019 as against a production of 18.75 mt upto November 2018. While NMDC's Chhattisgarh mines accounted for a production volume of 13.33 mt (against 12.24 mt last year), its Karnataka mines contributed 5.45 mt in April-November 2019.

    ​The notification was issued by the Regional Control of Mines, Indian Bureau of Mines, Bangalore. The state-owned miner termed the development as "a milestone in enhancement of production from its Kumaraswamy mines from the existing EC capacity to 10 mtpa".

    "Notice Inviting Tenders for 26 more iron blocks have been issued," Joshi said in a reply to a question in the Rajya Sabha. Since 2015, 24 iron ore blocks have been auctioned, the minister said. As per available information, the consumption of iron ore was 166 million tonnes in 2016-17, 175 million tonnes in 2017-18 and 189 million tonnes during 2018-19, the minister said.

    Built at an investment of Rs 750 crore, the company will operate the terminal for the next 30-years as part of its build, operate, and transfer agreement with the Paradip Port Trust, the infrastructure arm of the JSW Group said in a statement. “Paradip’s location continues to remain attractive for iron ore movement via sea route. ” said MD of JSW Infra.

    Consequently, any significant delay with respect to auctions and more specifically lease transfers will affect iron ore supply and prices, thereby putting further pressure on sector profitability. Non-integrated steel companies, which do not have access to captive iron ore mines, will be relatively more vulnerable in the event of such delay.

    With the mining leases of 329 private mines slated to expire on March 31, apex mineral body FIMI believes that iron ore, a raw material used in steel-making, will be the worst hit from the move.

    Notices inviting tenders for the two lots will be issued on Oct 4 and 14 and letters of intent will be sent by January 3 and 15 2020, respectively.

Load More...
x

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service