Indonesia and Freeport reach an agreement on new mining permit
The Dollar Business Bureau Indonesia and the American mining company Freeport-McMoRan Inc on Tuesday came to an agreement to allow the miner to operate its Grasberg gold and copper mine. However, the time period and divestment value of 51% in the mine are yet to be sorted out. Freeport-McMoRan Inc, the largest publicly-traded copper company in the world, can apply for an instant permit extension for 10 years for mining at the Grasberg after 2021, said Ignasius Jonan, Indonesian Minister of Energy and Mineral Resources. Grasberg is the second-largest copper mine in the world, situated in the Indonesian province of Papua. “The mandate of the president, which has been agreed to by Freeport, is that the divestment should reach 51% in total,” Jonan said while addressing a joint press ...
Sun Group led JV to invest $500 mn in Siberian gold mine
The Dollar Business Bureau Commodities investor Sun Group announced it signed agreements with a Russian sovereign investment fund, China National Gold Group and a few entities from Brazil and South Africa to invest up to $500 million to develop a gold deposit in Siberia. An MoU was signed by Sun Group with Russia's Far East and Baikal Region Development Fund, China National Gold Group Corporation, South Africa's Trans Africa Capital and Brazilian investor Antonio de Moraes to develop the Kluchevskoye gold deposit in Chita region in eastern Siberia, it said in a statement here on the sidelines of BRICS summit. Sun Group is primarily focused on Russia and Ukraine and is owned by the Khemka family group. The proposed joint venture aims to develop ...
Rajesh Exports bags Rs 786 cr jewellery order from UAE
The Dollar Business Bureau Rajesh Exports, currently the largest player in gold jewellery market, on Thursday, revealed that it bagged a contract worth Rs 786 crore from UAE. The contract is inclusive of exporting gold, diamond jewellery and medallions to UAE. In a BSE filing, the gold manufacturing company said that the export order received was of designer jewellery from UAE. The orders are to be fulfilled by October 15, 2016. The huge order will be worked upon at Rajesh Exports headquarter in Bengaluru. The Bengaluru facility has capacity to produce 250 tonnes worth jewellery and gold items per annum. Rajesh Exports further stated that the demand for Indian designed jewellery has been witnessing an upward trend in foreign markets.The 1989 founded company, is ...
Vedanta to explore gold mine after rains in Chhattisgarh
The Dollar Business Bureau Vedanta Ltd. on Wednesday announced it will begin the process of exploration of gold mine after the monsoon. The company was awarded the first-ever auction of a gold mine in India in February this year. "We were successful with gold auction in Chhattisgarh. The gold reserve that was there at the time of auction was probably small for Vedanta," Tom Albanese, Group Chief Executive Officer of Vedanta Ltd. told PTI. "But our geologists suggested that may be there will be more (reserve) there. So we have decided to take up more exploration and deep drilling. We are hoping as we come out of the wet season we start some deep drilling," Albanese added. In February this year, this global diversified ...
ASSOCHAM asks FM to raise CVD on gold dore to 9%
The Dollar Business Bureau Associated Chambers of Commerce and Industry of India (ASSOCHAM) has advised the Union government to increase the countervailing duty (CVD) on gold dore from 8.75% to 9% and bring down the excise duty levied on refined gold bars from 9.5% to 9.25%. These measures were suggested to bring a balance between refineries in excise-paying areas and excise exempt areas, as they were almost equally levied in both the segments. On an average, India imports over 800 tonnes of gold every year. However, domestic gold refining has improved by in the past three years and grew from 5% in FY2013 to 25% in FY2016. In a letter that was addressed to Finance Minister Arun Jaitley from ASSOCHAM, it stated, ...
'US rate hike will lead to drop in gold prices globally'
The Dollar Business Bureau In the event of a US rate hike, global gold prices could drop and range between $900/oz to $1,050/oz and the domestic price of gold may decline and range between Rs 20,500/10gm – Rs 24,000/10gm from the current levels of Rs 27,000/10gm, said a rating agency report. However, if the US continues to delay the interest rate hike, while major economies such as Japan and the eurozone continue with their unconventional monetary policy (UMP), the price of gold could creep up and range from $1,300/oz to $1,350/oz in FY16, said India Ratings and Research (Ind-Ra). Correspondingly, domestic prices could also increase from current levels and trade in the range of Rs 29,500/10gm-Rs 30,500/10 gm. If major global ...
