500 mn tonne worth of coal mines is target for acquisitions by 2020

International Coal Ventures Limited, or ICVL, was the epitome of India’s babudom running public sector undertakings (PSUs). Five major public PSUs — NTPC, SAIL, NMDC, Coal India and Rashtriya Ispat Nigam (RINL) — with a war chest of Rs 10,000 crore had come together for this initiative to buy coal blocks outside the country. However, since its inception on May 20, 2009, the venture has failed to acquire even a single asset. And, two of its integral members, Coal India and NTPC, have clarified they aren’t interested in being a part of ICVL any more.

Leases with SC panel-nod yet to get legal approvals from Indian Bureau of Mines operations unlikely to start before October

Steel mills in and around Karnataka that are dependent on iron ore from state mines might have to wait for some more time to get fresh supplies, as the resumption of mining is likely to be delayed. Though the Central Empowered Committee (CEC), appointed by the Supreme Court (SC), has approved 12 firms for resuming operations, following acceptance of their reclamation and rehabilitation (R&R) plans, actual mining might start only by October.

New Delhi Steel majors have accused country's biggest iron ore producer NMDC of charging higher prices for ore while exporting at a lower rate and said the “anomaly in pricing mechanism” of the state-run company would lead to higher steel imports.

Steel producers said ore prices have come down globally to USD 133 at present from USD 177 a tonne in June last year but NMDC is hiking domestic prices due to anomaly in its pricing mechanism, a charge denied by the state-run company.

NMDC, whose presence in Bailadila predates the Naxal problem, now pours money into security and faces issues of despatching the ore

India’s finest iron ore deposits rise abruptly from the forest floor — 32 km of undulating massiveness, four km wide and over 1,260 metres above sea level at its highest point. From the densely wooded plains of Chhattisgarh’s Dantewada district, its swelling shape resembles an ox’s hump, prompting the tribes who have lived under its shadow for centuries to name it ‘Bailadila’.

Rehabilitation, reclamation plan cleared

After receiving brickbats for long, the troubled mining industry has finally got some reprieve. The Central Empowered Committee (CEC) of the Supreme Court has given its nod to eight mining firms located in Bellary and Chitradurga districts to resume their operations. Speaking at a seminar on “Rebuilding Iron Ore Mining and Steel Making Capabilities”, H R Srinivasa, director of Mines and Geology, said the CEC had informed the State government that it had cleared the Rehabilitation and Reclamation plan of the eight ‘A’ category mines,

Total capacity pegged at 5.5 mn tonnes, including 2.2 mn tonne mine run by Sesa Goa

Karnataka government has recommended approval of eight iron ore mines in the state with a total capacity of 5.5 million tonnes per year, said H.R. Srinivasa, director, department of mines of geology in the state. A decision on this by a Supreme Court-appointed committee is expected later on Wednesday, Srinivasa said. The recommendation includes a 2.2 million-tonnes-per-year mine operated by Sesa Goa in the state.

Rise in demand, input costs and excise duty may push up prices, says think tank CMIE

New Delhi In a setback to government-owned NMDC’s efforts to acquire assets abroad, Australian firm Minemakers has dropped the iron ore miner as its potential joint venture (JV) partner for developing the Wonarah rock phosphate reserves in Australia.

Blaming “NMDC’s inability to make a timely decision” in forging a partnership, Minemakers said that “it can no longer prolong discussions with NMDC” which have remained inconclusive so far.

International Coal Venture Ltd, a consortium of five state-owned steel and power companies, is in talks with New Zealand-based coal producer, Solid Energy, for potential coking coal blocks they can