Mineral production index grew 3.9% in November
The Dollar Business Bureau The mineral production index of mining and quarrying industry for the month of November rose by 3.9% while the overall value of mineral production in the month has been projected at Rs.20,481 crore. “The index of mineral production of the mining and quarrying sector for November 2016, at 135.9, was 3.9% higher compared to November 2015,” Mines Ministry said in a statement on Friday. “The cumulative growth for the 8-month period April-November of 2016-17 has been 0.3% as compared to the same period in the previous year,” it said. The total value of mineral output - excluding minor and atomic minerals - in the given month was Rs.20,481 crore. The highest contribution was from coal at Rs.8,737 crore (43%). The other major minerals ...
India's mineral production worth Rs 17,339 cr in July
The Dollar Business Bureau India’s total mineral production for the month of July was Rs 17,339 crore. This result excludes atomic as well as minor. Of the total production of minerals, the production of coal was the highest, contributing Rs 6238 crore or 36%, the Ministry of Mines revealed to the media. Followed by crude petroleum at Rs 5,593 crore, natural gas at Rs 2165 crore, iron ore at Rs 1,347 crore, limestone at Rs554 crore and lignite at Rs 535 crore. "These six minerals together contributed about 95 per cent of the total value of mineral production in July 2016," the ministry said. The index of mineral production of mining and quarrying sector for the month of July (new Series 2004-05=100) 2016 ...
Govt asks State to fast track auctioning of 14 mines
The Dollar Business Bureau The government has asked Karnataka to fast track the process of auctioning 14 iron ore mines. The Minister of State for Mines Piyush Goyal met the state authorities on Tuesday and reviewed the progress on auctions. The government has set the last date for securing the bids as on July 18. The state, in turn, has assured the government that it will issue the final letter of intent (LoI) by September 22 for auctioning process. Karnataka’s auctioning process has been delayed because of several problems related to stamp duty. Recently, the state cabinet has resolved the issue of auctioning process by clearing a proposal to revise the Stamp Duty Act. In addition, the Central government had also requested the Karnataka government ...
Odisha government to auction seven mines
The Dollar Business Bureau The government of Odisha is in the process of auctioning 7 mines by August, revealed the Steel and Mines Minister of Odisha Prafulla Mallick. These seven mines include manganese, bauxite, and iron ore in the district of Koraput. The Minister said that the government is in the process of auctioning seven more by July- August this year. He also added that among these mines a bauxite mine would also be auctioned in Koraput district. This announcement of auctioning bauxite mines has raised the hopes of Vedanta, which has been struggling to acquire raw materials for its refinery at Lanjigarh in Kalahandi district. Vedanta is also likely to take part in the bidding process. Due to lack of bauxite, Vedanta’s refinery ...
Government to allot 62 offshore mineral blocks for mining
Source: PTI The government is in the process of framing regulations for exploration and mining in offshore blocks, which contain minerals such as zirconium, titanium, thorium, tungsten and rare earth elements. Mines Ministry has set up a committee that is framing the rules under the Offshore Development and Regulation Act, a top ministry official has said. “I have constituted a committee under Economic Advisor to frame rules under Offshore Development and Regulation Act. When the rules are framed, we will go for allotment of blocks for offshore prospecting, exploration as well as for mining,” Mines Secretary Balvinder Kumar told PTI. The Geological Survey of India (GSI) carries out surveys in the Exclusive Economic Zone (EEZ) and Territorial Waters (TW) of India to ...
Chief of exporters body hails export duty cut on Goa Iron Ore
Sai Nikesh | The Dollar Business The Government of India is mulling to cut the export duties on low-grade iron ore produced by Goa and this move is expected to boost the shipments to China, the largest iron ore importer for India. According to sources, the Union Minister of Mines and Steel Narendra Singh Tomar on Thursday said, “India is considering implementing a separate duty structure for exports of iron ore from Goa, the country’s top exporting State, and will look at raising import duties to stop dumping of steel.” The Minister was quoted to have said that the Mines Ministry has asked the Finance Ministry to consider a separate export duty structure only for Goa owing to the ...
