The mines ministry has shot down the steel ministry’s proposal that iron ore should be classified as “ a strategic mineral”.

Current Indian investment may not be hit immediately

The Australian government’s move to impose 30 per cent tax on coal mining and iron ore profits might not affect any Indian investment in that country immediately, but could have an impact on Indian companies, including state-run mining major Coal India Limited (CIL), which are scouting for assets Down Under.

Country's top iron ore producer NMDC plans to invest Rs 3,513 crore on its upcoming 3 million tonne per annum capacity steel plant at Nagarnar in Chhattisgarh.

According to the Budget documents, the state-owned firm has kept a capital expenditure target of Rs 4,655 crore in the next fiscal and over 75% of the amount (Rs 3,513 crore) will be spend on the Chhattisgarh plant, which would mark NMDC's entry into steel manufacturing.

Kolkata Government-owned Steel Authority of India (SAIL) is close to getting two coking coal blocks, Tasra and Sitanala, in Jharkhand, which will enable the steel major to mine coal in India for the first time.

A source close to the development told Fe the two coking coal blocks have a reserve of around 45 million tonne. SAIL aims at producing 40 lakh tonne a year, for which it could invest up to R16,000 crore. SAIL chairman CS Verma, however, declined to comment on the issue, citing confidentiality norms.

BHUBANESWAR: The Steel and Mines Department is all set to break its previous record on revenue earning.

Australian mining major Rio Tinto is planning to invest around $2 billion (Rs 9,886 crore) in setting up a major iron ore mining project in Orissa. The investment, largest so far by the miner in India, would help it establish a strong foothold in the country’s mining space.

“It is a $2-billion project. We expect ramping up the project’s capacity quickly to 15 million tonnes per annum (mtpa) to cater to clients ,” Sam Walsh, chief executive of Rio Tinto’s iron ore division said during a press conference.

Public sector miner NMDC Limited has got an unforeseen domestic opportunity, especially in Karnataka, in the light of the final report on illegal iron ore mining submitted by the Central Empowered Committee (CEC) to the Supreme Court early this month.

The CEC has classified the over 150 mines in Karnataka, where iron ore production had been stopped on the directives of the apex court, into three categories. Of these, close to 50 mines categorised under class-C for alleged gross violations have been recommended for cancellation.

With India’s apex court set to announce its final verdict anytime on the fate of illegal iron ore mines in Karnataka, the country’s largest iron ore producer NMDC is eying a major opportunity in th

New Delhi The ban on mining seems to have made Karnataka the dumping ground for poor quality iron ore.

If court puts a cap on iron ore mining in Karnataka, it will be a severe blow to steel industry's expansion plans

The Central Empowered Committee’s (CEC) final report on illegal mining in Karnataka submitted to the Supreme Court recently has sent shockwaves through the iron ore mining and steel industry in the state. Some of the recommendations of the CEC, if accepted by the Supreme Court, will curb illegal mining and that is a laudable goal. However, in doing so, it may also deliver a hammer blow to the state’s expanding steel industry.