Maaden secures $1b in oversubscribed financing as Saudi mining push accelerates
Saudi Arabian Mining Co. (Maaden) has secured USD 1 billion in inaugural international syndicated credit facilities, with strong demand from global lenders highlighting confidence in the company's expansion strategy and Saudi Arabia's broader mining ambitions. Maaden has secured USD 1 billion in...
Vedanta Aluminium veteran Rajiv Kumar joins Jindal Steel as COO
Vedanta Aluminium veteran Rajiv Kumar has been appointed Chief Operating Officer (COO) of Jindal Steel after completing a successful stint as Chief Executive Officer of Vedanta Aluminium. Kumar, who brings more than three decades of experience in the metals and mining industry, will now oversee the...
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Altech Chemicals Ltd secures partner to fund bulk kaolin study
Highlights - Altech secures partner to fund ~$100,000 bulk kaolin scoping study - MOU provides a First Option over 10Mt of kaolin, for a $1m share placement and 2% gross sales royalty - Second Option for a further 10Mt of kaolin, for an additional $1m share placement and 2% gross sales royalty...
Odisha govt allows OMC to scrap 3 JVs on mining projects
The Odisha government has given permission to state-run Odisha Mining Corporation (OMC) to scrap the joint venture projects inked with three private sector heavyweights to go for iron ore and bauxite mining in the state. The companies are: Anglo-Australian mining major Rio Tinto, Hindalco and the...
The Govt. of India holds back four coal mines to investigate price discrepancies
The Government will be reassessing four out of the 19 coal blocks that were bid for and sold in the first phase of the coal auctions to examine why the bids were so low in case of these mines. The four blocks are Gare Palma IV/1, IV/2, IV/3 and the Marki Mangli III. The Gare Palma IV/2 and IV/3...
Orissa red flags Centre’s plan to give gram sabhas mineral rights
The Orissa steel and mines department has said no to the Union Panchayatiraj Ministry’s proposal to give gram sabhas rights over major minerals. In 2013, the ministry had sent a draft Panchayat Extension to Scheduled Areas Bill, 2013 to the states, seeking their views on it. The draft bill...
Pro Fin Capital Services Ltd's subsidiary to commence bauxite mining from 1st week of March
Pro Fin Capital Services Ltd's subsidiary, Tera Natural Resources and Pellets Private Limited ("Tera") has already obtained the lease for bauxite mining in Kolhapur District, Maharashtra. Tera would begin commercial operations in the first week of March 2015 as all other necessary approvals are...
Sesa Sterlite shares end higher as Balco bags 2 coal mines
Shares of Sesa Sterlite ended almost 1 per cent higher today after the company's subsidiary Bharat Aluminium Company (Balco) bagged one more coal block in the first tranche of auction. The scrip ended the day with a gain of 0.94 per cent at INR 219.45 on the BSE. During the day, it rose by 3.24 per...
Second phase of coal auction in India postponed to March 2
The government's proccedings for the second phase of the auction of Schedule III coal blocks has been postponed till March 2. The decision is pursuant to a petition filed by Sarda Energy in Delhi High Court, and which will be heard on February 27. The auction proceedings were supposed to begin on...
OMC initiates steps to scrap bauxite mining JV with Sterlite, Hindalco
Odisha Mining Corporation (OMC) has started the process to scrap bauxite mining joint venture (JV) projects with Hindalco and Sesa Sterlite after the state government said the state-run miner can take a decision to do so. “We have sent show cause notices to Hindalco and Sesa Sterlite after the...
Jamaican government still firm about sustainable exploitation of mineral resources
The sustainable extraction of Jamaica’s mineral resources that will help the community still seems to be a crucial policy objective of the Government as is often expressed by the Minister of Science, Technology, Energy and Mining Phillip Paulwell, despite the recent suspension of the red mud...
BHP Billiton spin-off looking rosier than core commodities
When global miner BHP Billiton reports its half-year results on Tuesday, the only parts of the company that are likely to report profit growth are some of the unloved assets it aims to spin off by June. Commentators had dubbed the company BHP plans to hand to shareholders "DudCo" before it was...
Canyon Resources signs MoU with Bolloré Africa Logistics for Birsok Bauxite Project
Canyon Resources, to facilitate easier access to the new under-development Birsok Bauxite Project, has signed a Memorandum of Understanding with Bolloré Africa Logistics Cameroon, operators of the Doula port and Camrail SA. The company has 75% stakes in the budding mining project in the town of...
Coal auctions: Balco bags one more mine in Chhattisgarh
Bharat Aluminium Company Ltd. (Balco) bagged one more coal block on the eighth day of the auction, taking the total number of mines sold so far through the ongoing auction to 18 that will generate an estimated over Rs1 lakh crore for respective states. Friday night, Hindalco Industries Ltd. had...
Queensland Bauxite extends time for entitlement issue
Queensland Bauxite has offered shareholders additional time to take up shares under its one-for-four entitlement issue priced at $0.014 per share to raise up to $1,782,167. The issue, which now closes on 10th March 2015, includes one free attaching option exercisable at $0.10 and expiring 31st July...
Indian Govt. plans to sell some shares from Nalco and other PSUs
The government is planning to sell stakes in its three blue chip companies Nalco, Bhel and NMDC after the last attempt of selling shares in IndianOil and ONGC backfired due to the sharp fall in oil prices. An estimated 10% stakes will be sold from both NMDC and Nalco, one a mining company and other...
Hindalco inches up on securing Gare Palma coal mine
Shares of industry leader in aluminium and copper, Hindalco Industries have inched up in today’s trade and are trading higher by 1.4% to Rs 154 on the BSE after it won the Gare Palma coal mine in Chhattisgarh by outbidding companies like BALCO, Sesa Sterlite, Ambuja Cements, which were also vying...
Indian Govt. plans to ease export duties to boost mining
In a bid to promote mining as a stronger business in India, the Government is planning to rationalize custom as well as export duties for major minerals like iron, manganese and bauxite ore once the coal mine auctions are concluded. The new reforms to the duty rates would most likely be announced...
XINFA plants pine seedlings for rehabilitation of Nawailevu Bauxite site
XINFA Aurum Exploration (Fiji) Ltd has so far planted 12,000 pine seedlings at the Nawailevu Bauxite Mining as part of its rehabilitation program. In an interview yesterday, mine site manager Isireli Dagaga said their aim was to plant more than 35,000 seedlings at the 12-hectare land that had...
Balco wins the coal block Chotia in Chhattisgarh in Tuesday’s auction
After aggressive bidding, Vedanta Group’s co-owned Bharat Aluminium Co won the Chotia mine in Chhattisgarh at the auctions held on Tuesday by the Indian Minstry of Coals, offering the highest bid of INR 3,025 per ton beating competitors like Hindalco and Ultratech Cement. The mine that boasts of...
