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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Geoscientists defend bauxite mining in Niyamgiri, Odisha
Even as State Government is facing opposition over conducting Gram Sabhas to decide the mining in Niyamgiri hills, Society of Geoscientists and Allied Technologists (SGAT) has batted for permitting mining in the region. With more than adequate safeguards provided for protection of environment,...
Vimetco General Manager changed once again
The Vimetco Bauxite Mining Company appears to be embroiled in a protracted power struggle between the Romanians and the South Africans. Inside sources say the company has now changed seven General Managers in two years and in less than a year the Romanians have succeeded in frustrating three South...
Alumina reports $33 million profit
Mining companies have been cheering the fall of the dollar, none more so than Melbourne-based Alumina, which has disclosed a $US30 million ($33m) annual profit before tax price sensitivity to just a 1c move in the US exchange rate. For a firm that has been struggling to break-even at best of late,...
Finance Ministry wants fast track stake sale for Hind Zinc & Balco
The Finance Ministry has asked ministry of mines to expedite the Cabinet note on stake sale in Hindustan Zinc (HZL) and Bharat Aluminium Company (BALCO), say exclusive CNBC-TV18 sources. The Finance Ministry has also proposed that stake sale should be via the auction route. HZL and Balco are...
Pacific Aluminium stalls discussions on Gove alumina refinery
Pacific Aluminium is stalling on discussions about the future of the Gove alumina refinery and won't meet the Territory Government until at least mid-September. In parliament yesterday, Chief Minister Adam Giles said he had requested a meeting "as soon as possible" to discuss the Government's...
Glencore Xstrata plunges into loss on merger write-downs
The mining giant Glencore Xstrata reported sharply lower results on Tuesday after it wrote down $7.7 billion on the value of assets it acquired as part of the merger that created the company. However, it defended its long-delayed merger three months ago, saying that cost savings would be higher...
Ghana Bauxite Company wins safety and first aid competition
The introduction and increases in taxes and levies by the government, its agencies and local governments are among uncertainties and risks associated with mining in Ghana, Dr Tony Aubynn, Chief Executive Officer of the Ghana Chamber of Mines, has said. These was contained in an address read on his...
General Secretary, GMWU expresses worry over Ghana's mining industry
Recent revelation that foreign mining companies retain close to 100 per cent of their earnings should be a wake-up call to restore sanity in Ghana's mining industry, Prince William Ankrah, General Secretary, Ghana Mines Workers Union (GMWU), has stated. "If today parliamentarians are hearing that...
Bauxite mining gets green signal in Bua, Fiji
Another landowning unit in Bua has given its consent for bauxite mining on its piece of land, 500 metres from the existing mining area in Nawailevu. This will be the second mining area in the province of Bua on Vanua Levu. Members of the mataqali Naita from the village of Votua in the district of...
Alumina Limited downgraded to "underperform"
Alumina Limited was downgraded by equities research analysts at Bank of America Corp. to an “underperform” rating in a research note issued to investors on Monday, Stock Ratings Network reports. Alumina Limited traded down 3.79% during mid-day trading on Monday, hitting $3.55. 65,987 shares of the...
Last gram sabha seals bauxite mining prospect at Niyamgiri
"Tribals in colourful and traditional attire danced in joy as the last of the 12 gram sabhas on Monday overwhelmingly voted against the proposed bauxite mining by Vedanta Group’s alumina refinery plant in Odisha’s Niyamgiri hills. With this all the 12 gram sabhas have voted against the proposed...
Last gram sabha on Niyamgiri bauxite mining to be held on Monday at Jarapa village
Last gram sabha on Niyamgiri bauxite mining issue to be held Monday at Jarapa village under Muniguda block of Rayagada district. The state government already conducted gram sabha 11 villages where villagers said no to mining on Niyamgiri. For last Gram Sabha the district administration arranged all...
Uncertainty looms over Vedanta plan
With the verdict in the first-ever environmental referendum being conducted on bauxite mining in Niyamgiri hills on the directive of the Supreme Court written on the wall, uncertainty clouds the future of Vedanta Aluminium Limited (VAL)’s INR 40,000-crore investment plan in Odisha. Eleven palli...
Alcoa's RopeCon system makes Jamalco bauxite accessible
High above the plateau at Jamaica’s Mount Oliphant is a technology that would traditionally be more at home in a ski resort than at a bauxite mine in the Caribbean. An almost silent 3.4km-long Rope Conveyor (RopeCon) system whirls overhead, transporting bauxite from Alcoa’s South Manchester mine...
Rio Tinto firms on selling its Alcan aluminium division
Rio Tinto hit a five-month high amid speculation that the miner was moving closer to selling its Alcan aluminium division. Rio finance director Chris Lynch hosted an analyst roundtable this week following its decision to shelve the sale of its Pacific Aluminium and fold it back into Alcan. He said...
11th Village Council also rejects mining on Niyamgiri Hills
In another setback to the Odisha government's plan for bauxite mining for Vedanta on the Niyamgiri hills, an eleventh Gram Sabha and the penultimate one of the scheduled 12 to be held, today voted against the proposal. The Gram Sabha or village meeting at Khambesi village in Rayagada district...
Court ruling clears way for Vedanta overhaul to complete
An Indian court has cleared the way for oil and mining group Vedanta (VED.L) to streamline its sprawling structure, dismissing on Monday an appeal by a shareholder of unit Sesa Goa (SESA.NS) that could have stopped or delayed the move. Vedanta shares rose on the news, increasing gains on the day to...
Rio signs MoU for bauxite mine in northeast Arnhem Land
As Aboriginal leaders call for their communities to become economically independent, the people of northeast Arnhem Land may soon own their own mine. At the Garma Festival held over the weekend on a Yolngu site 14km outside of Nhulunbuy, the Gumatj Aboriginal Corporation and Rio Tinto-owned Gove...
