Nuvama Research has doubled its dividend estimate for National Mineral Development Corporation (NMDC) to Rs 15 per share for FY2024 citing the company’s strong free cash flow generation and robust balance sheet. In its latest research report, Nuvama estimates NMDC to generate free cash flow of INR 85 billion in FY2024 and INR 50 billion […]
China’s reopening and the Indian government’s removal of export duties on steel, iron ore and pellets is set to benefit domestic iron ore producers like NMDC, allowing them to align domestic prices with global market trends and increase exports. China’s revival from COVID-led lockdowns will boost demand for imported iron ore in 2023. This bodes […]
Tata Steel Mining Limited said it signed an agreement with Jindal Stainless to jointly mine the chrome ore lying beneath the boundary between the companies’ mines in Sukinda in Odisha’s Jajpur district. Chromium is used to make shiny metallic items, such as stainless steel vessels and chrome-plated auto parts. The companies said the chromite — […]
The closure of Vedanta Ltd’s Tuticorin copper smelter in May 2018 has turned India into a net importer of refined copper, according to newly released government data. While India was a net exporter of refined copper to the extent of 3.34 lakh tonnes in the year ended March 2018 (prior to the shut down); the […]
NMDC, which has hitherto focused on mining minerals like iron ore, copper, dolomite, magnesite and so on, has got a major boost to its efforts to diversify into coal with the government allocating two coal mines to it. The Rohne and Tokisud North mines are are located at Hazaribagh District of Jharkhand. “The Rohne coal […]
Adani Australia said it will start ramping up mining activity at its Carmichael mine in Central Queensland, Australia over the coming days as it has received the final environmental approval for the project. The mine can produce up to 60 million tons of coal per year, but the company will produce only 27.5 million tons, […]
Government of India’s NALCO, or National Aluminium Company, said its primary Aluminium smelter plant at Angul in Orissa is facing a ‘crisis’ due to the the shortage of coal to produce power. Smelting of alumina into aluminium is one of the most power-hungry processes in industrial production. To supply power to the unit, NALCO had […]
India’s largest iron ore producer NMDC has reported a 39% increase in its revenue for the September quarter compared to the same period last year. Net profit increased 10%. The increase in revenue and profit was mainly due to increase in pricing and volume, the company said. Total iron ore production for the second quarter […]
JSW Steel Limited said the company’s board has approved a plan to build a pipeline from its Vijayanagar plant in Karnataka to the coast to facilitate the import of cheaper iron ore from Odisha and Eastern India. “This Slurry Pipeline can be set up within 24 months at an estimated cost of Rs 2,100 crores. […]
India’s premier public sector miner has auctioned rough diamonds worth over Rs 110 cr via e-auction, beating a slowdown in India’s gems and jewellery sector. It is “a significant development amidst the global slowdown in diamond industry,” said mjunction, an e-auction company that also helped with India’s spectrum sales. “The e-auction process has successfully overcome […]
The government of India will introduce a star rating for mines by next month and start monitoring mining activity using satellite, said mining secretary Balvinder Kumar said at an ASSOCHAM event held in New Delhi today. “If (mines)y don’t get 4 or 5 star rating they will get 2-3 years to comply. By end of […]
In the midst of debate on the impact of slowdown in the Chinese economy on rest of the world, India’s engineering exports have started witnessing a negative fallout with a drop of 36 per cent in export of non-ferrous metals to China in June, 2015, an analysis by the EEPC India has shown. Exports of […]
Jindal Steel & Power Ltd said it is in the middle various steps targeted at reducing debt, including exploring options such as sale of assets and listing of subsidiaries. The company, which reported a decline in standalone EBITDA for Q1, said it sees market demand improve going forward and will increase its production of steel […]
Shree Uttam Steel and Power Ltd, a part of Uttam Galva Group and POSCO Korea, today signed a Memorandum of Agreement to set up an integrated steel manufacturing facility under a Joint Venture arrangement in India. The agreement was signed in Mumbai today. The memorandum of agreement is the first step of a process to […]
Vedanta Resources, the London-listed global mining giant, said it will today restart iron-ore mining at its mine at Codli in Sanguem taluka in Goa. “The Company has received the relevant consent, license and approvals in place to commence the iron-ore mining operations in the State of Goa for some of its leases,” Vedanta said. The […]
