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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Guinea's next steps: mining review, army reform
Guinea will review mining contracts and cut the size of the armed forces during 2012, President Alpha Conde said in a speech outlining his priorities for his second year in office. The moves are aimed at boosting the West African state's economy and cementing its fragile stability, but if done...
Panel makes aerial survey of bauxite mining
Despite people's opposition and agency bandh, the high-powered committee of the Union ministry of environment and forests on bauxite mining conducted an aerial survey of Jerrela and surrounding areas on Wednesday. The district administration had tried to keep the committee's visit a secret by not...
Recession economics returns to metals
Northumberland, a county in northern England, does not usually feature on the radar screen for metals investors. Yet Lynemouth, the site of an aluminium smelter owned by Rio Tinto, is the latest flashpoint for a debate that was last heard in the depths of the 2008 financial crisis. The miner...
Metals: Cost is main influence on miners’ profit
Earlier this year the talk among industry executives and investors was whether miners would be able to keep up with booming demand for industrial metals. Fast forward just six months, and question on many lips is how many of them will be forced to close down production because they are losing...
Suriname ‘bauxite industry languishing’
Natural Resources Minister Jim Hok is sad about the bauxite industry’s languishing existence. ‘When this Administration came to office employment in the sector was dropping, the smelter had been closed, and in fact the bauxite industry is dying.’ Despite the dark prospects for Suralco, Hok...
Bauxite mining: Tension prevails in Vizag dist over committee visit
The 48-hour bandh in the agency area (tribal tracts in the eastern ghats) of Visakhapatnam district against the visit of a four-member expert committee from the Ministry of Environment and Forests to the proposed bauxite mining areas, was total on Tuesday. Even bicycles were not allowed on the...
Congress accuses Chhattisgarh govt of selling state's mineral wealth
Stating what it could be a startling revelation even for the members of treasury benches and ministers, a senior Congress member on Monday reportedly “exposed” the BJP-led Chhattisgarh government for allegedly selling state’s mineral wealth. Mohammed Akbar, a senior Congress legislator and former...
Nalco to buy 25% in MEC Coal by March
India’s largest public sector aluminium producer National Aluminium Company is in the process of acquiring around 25 per cent stake in MEC Coal by March 2012 for an undisclosed sum. A member of the company’s board of directors told Financial Chronicle Nalco has already shortlisted MEC Coal for...
Ministry approves first phase of National Highway project
The Ministry of Transport has approved the first phase of National Highway 20 upgrade to transport bauxite ore from the Central Highland province of Lam Dong to southern Dong Nai Province. According to Decision 2525/QD-BGTVT, signed by Minister Dinh La Thang on November 7, the 123km road from Lam...
Bauxite Reserve Discovered in Henan Xin’an County
A large bauxite deposit was discovered in Henan Xin’an County recently. The bauxite reserve reached about 23.62 million tons with potential economic value to CNY 5 billion. The discovery of this new bauxite reserve marks that Henan province has made a breakthrough in bauxite exploration.
Centre asked to take up Nalco lease issue with Odisha
A parliamentary panel has expressed displeasure over delays in Nalco's expansion plans mainly due to failure to get leases for bauxite and coal mining in Odisha, and has asked the Mines Ministry to take up the matter at the highest level with the state government. Investment to tune of Rs 6,500...
China Bauxite Mining Market Overview and Forecast to 2020: Trends, Fiscal Regime, Major Projects, and Competitive Landscape
Reportlinker.com announces that a new market research report is available in its catalogue: China Bauxite Mining Market Overview and Forecast to 2020: Trends, Fiscal Regime, Major Projects, and Competitive Landscape...
Change in taxes to make Guinea bauxite unworkable
Up until this year, Guinea's well established bauxite industry had been on to a good thing, pumping out bauxite and alumina for the European market and planning major expansions. That picture has since changed dramatically. An overhaul of the Guinea mining code carried out with the input of...
Aditya Birla group scouts for Australian coal mine companies for raw material
The Aditya Birla group is in negotiations with as many as six thermal coal mine companies in Australia, in its search for raw material assets to feed its $5-billion growth programme in aluminum, said people familiar with the group's plans. The Mumbai based conglomerate has never been so active in...
Mining mafia pushes for Bauxite
A couple of weeks after Union Minister for Tribal Welfare and Araku MP V Kishore Chandra Deo said he will have the Governor’s powers invoked if necessary to prevent bauxite mining and safeguard tribal interests, a four-member committee appointed by the Union Ministry of Environment and Forests...
Sterlite Industries plunges on subsidiary's debt concerns
Sterlite has fallen 15% over the last month on concerns around Vedanta Aluminium, which is Sterlite’s subsidiary. Vedanta Aluminium is currently making losses. Mining major Sterlite Industries was the biggest loser on the Sensex and Nifty Friday. At 1250 hours, Sterlite traded with over 4 per cent...
IDB announces $40 million loan for Suriname
The Inter-American Development bank has approved a $40 million loan to boost Suriname's financial sector. IDB team leader Frank Nieder says the economy of the South American country has grown in the past five years and that the loan will help accelerate that growth. The loan announced Friday is the...
Guinea Bauxite Company Workers Halt Strike for Wage Talks
Workers at Compagnie des Bauxites de Guinee, which is owned by Rio Tinto Plc (RIO), Alcoa Inc. (AA) and the West African nation’s government, halted a two-day strike to hold wage talks, said union leader Sekou Oumar Ly Diallo. The protest, which has workers calling for a 50 percent pay rise, was...
