New Delhi Taking the first step towards raising R30,000 crore from disinvestment during the current financial year, the Cabinet Committee on Economic Affairs (CCEA) on Thursday approved the disinvestment of 10% paid-up equity capital of National Mineral Development Corporation (NMDC).

The government currently holds 90% stake in the mineral exploration company, and post the share sale, the stake will come down to 80%. The divestment will happen through the offer for the sale of shares through Stock Exchange (OFS) method and is expected to fetch fetch the government over R7,000 crore.

The transaction is likely to fetch the Centre Rs.7,000 crore

The Cabinet Committee on Economic Affairs (CCEA), on Thursday, cleared a 10 per cent stake sale of the Centre’s equity holding in NMDC through the ‘offer for sale’ route. The transaction is likely to fetch about Rs.7,000 crore. The CCEA has approved the disinvestment of 10 per cent paid-up equity capital (39.65 crore shares of face value of Re.1 each) of NMDC out of the government’s shareholding of 90 per cent through ‘Offer for the sale of shares through stock exchange’ (OFS) method, as per SEBI Rules and Regulations, an official statement said here.

Steel Minister Beni Prasad Verma today pulled up SAIL and RINL over their "unsatisfactory" performances and said the two public sector firms could have fared better if their expansion and modernisa

Global metals & mining major Rio Tinto said it was not keen on exporting iron ore to be produced from its proposed mining project in Odisha, maintaining that its priority was to cater to raw ma

The monitoring committee constituted by the Central Empowered Committee (CEC) of the Supreme Court on Friday gave its consent to three mining firms, which operated in Bellary and Chitradurga, to resume mining.

Official sources said the committee comprising three members - H R Srinivasa, Director, Department of Mines & Geology, Dipak Sarmah, Additional Principal Chief Conservator of Forest, and U V Singh, Chief Conservator of Forest - held a meeting in Bangalore where the final clearance was given to the three firms. The decision taken by panel will be placed before the CEC.

PANJIM: Communist Party of India (Marxist) organised a workers rally from Panjim Kadamba Bus Terminus which culminated in a public meeting at Azad Maidan, to press for their demand to nationalise mining in the State and its takeover by proposed Goa Mineral Development Corporation.

The rally was addressed by Tapan Sen General Secretary of the National Unit of the CPI-M and Member of Parliament Tapan Sen as well as Thalmann Pereira, the state general secretary, Dr Vivek Monteiro and others. The rally submitted a memorandum of their demands to Collector, North Goa.

The country's largest miner has decided to review prices every month now, instead of once every three months

Local steel makers were in for a surprise when NMDC Ltd, the country’s largest iron ore miner and supplier to most steel and sponge iron makers, announced a cut of up to 11 per cent in iron ore rates. However, NMDC has decided to review prices every month now, instead of once every three months, which was its earlier practice. This 2-11 per cent cut is valid only for October.

At the e-auctions held on October 5 for 1.14 mn tonnes of iron ore, buyers showed interest to buy barely 160,000 tonnes

Even though steel mills are facing acute shortage of raw materials for their blast furnaces, they showed no urgency to buy iron ore at the recent electronic auctions (e-auctions) held exclusively for the ore by state-owned NMDC Ltd. At the e-auctions held on October 5 for about 1.14 million tonnes (mt) of iron ore, buyers showed interest to buy barely 160,000 tonnes, about 14 per cent of the stock.

Forced to cut prices by 2-3% due to cheaper imports from Japan, Korea and China

At a time when the mining sector in Karnataka seems to be getting back on track, the steel sector faces another hurdle—pricing.
With global steel prices on a downswing, owing to low raw material rates, Indian companies are taking a hit on margins because of rising local iron ore rates. Domestic companies have also been forced to cut prices. In August, steel makers reduced prices by two to three per cent, not because of a slowdown in demand, but because of cheaper steel brought from Japan, Korea and China.

LUCKNOW: The Uttar Pradesh government on Wednesday assured full support to upcoming power projects in the state provided all formalities -- environmental clearances and coal linkages -- are complet