User: esg Topic: Issues
Category: mining :: aluminium
Last updated: Apr 19 2018 23:39 IST RSS 2.0
 
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Gold prices rise on firm global cues, silver tops Rs 40,000 mark 19.4.2018 Business Standard: News Now
Silver prices went up sharply on Wednesday, following a rally in metals, led by aluminum and nickel. After the American sanctions on Russian oligarchs and a large aluminium mining company on April 5, metal prices were on fire and silver also outperformed gold during the period, albeit slower than base metals. Traders in the gold to silver price ratios have turned to silver; many physical market players have also built positions in silver. On the Multi Commodity Exchange, a bearish position in the gold:silver ratio is created by buying silver and selling gold in the proportion of the prevailing ratio at the time of betting.After imposition of sanctions, silver's price in the Mumbai market went up by almost six per cent to close on Thursday at Rs 40,160 a kg -- the rally since Wednesday was 2.3 per cent. Standard gold went up 1.5 per cent during the period but was almost stable from Wednesday, up only 0.1 per cent to close at Rs 31,290 per 10g.The ratio of the price of gold to silver, ..
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Metal stocks shine bright; surge up to 9% 19.4.2018 General News
Metal stocks led by Hindalco Industries today surged up to 9 per cent, aided by rising global commodities prices. Shares of Hindalco Industries soared 9.13 per cent, National Aluminium Company 8.98 per cent, Vedanta 6.69 per cent and JSW Steel 4.26 per cent on BSE. Among others, SAIL rose 4.20 per cent, Jindal Steel & Power 4.04 per cent, Tata Steel 3.17 per cent, Hindustan Zinc 1.93 per cent and NMDC 1.75 per cent. Led by the sharp rally in these stocks, the BSE metal index surged 4.46 per cent to end at 14,828.33. "Metal stocks led the market higher against the backdrop of easing trade war concerns and higher metal prices," said Anand James, Chief Market Strategist, Geojit Financial Services. "Commodities stocks gave a fillip to the markets as global commodities, including crude and metals witnessed a sharp rally, thereby boosting sentiment in regional equities," said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
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Sensex, Nifty register modest gains on positive global stocks 19.4.2018 General News
Key benchmark indices logged modest gains in a steady session of trade on positive global stocks. The barometer index, the S&P BSE Sensex, rose 95.61 points or 0.28% at 34,427.29, as per the provisional closing data. The Nifty 50 index rose 39.10 points or 0.37% at 10,565.30, as per the provisional closing data. Metal and mining stocks were in demand as copper prices rose in global commodity markets.
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Hindustan Copper Ltd leads gainers in 'A' group 19.4.2018 General News
National Aluminium Company Ltd, MMTC Ltd, Hindalco Industries Ltd and Vedanta Ltd are among the other gainers in the BSE's 'A' group today, 19 April 2018.
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Metal and mining stocks shine 19.4.2018 General News
Stocks hovered in near day's high in morning trade. At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 108.63 points or 0.32% at 34,440.31. The Nifty 50 index was up 34.70 points or 0.33% at 10,560.90. Metal and mining stocks were in demand as copper prices rose in global commodity markets. Positive Asian stocks boosted sentiment on the domestic bourses.
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Analysis: Sanctions batter Rusal's overseas supply chain, restructuring seen 17.4.2018 General News
LONDON/MOSCOW (Reuters) - Russia's Rusal may be forced to divest most of its portfolio of overseas operations if the aluminium giant cannot restructure them to evade U.S. sanctions and ensure a flow of raw materials.
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Vedanta Resources appoints Srinivasan Venkatakrishnan as new CEO 16.4.2018 Business Standard: News Now
Venkatakrishnan to take over from interim CEO Kuldip Kaura effective 31 August, 2018
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Odisha's policy for defence manufacturing may come out in next three months 14.4.2018 Business Standard: News Now
Odisha already has in place an ecosystem to facilitate the growth of aerospace and defence sectors in the state
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Vedanta Resources to invest USD 700 mn in Zambian unit 12.4.2018 General News
NRI billionaire Anil Agarwal-led Vedanta Resources today said it will invest USD 700 million in Zambian subsidiary Konkola Copper Mines (KCM) to increase production level to 400,000 tonnes per annum. "Vedanta is fully committed to supporting KCM's plans to increase production to 400,000 metric tonnes per annum in the next few years," Vedanta Resources said in a statement. The growth will be driven by an injection of USD 700 million, following Vedanta's previous injection of USD 3 billion, the statement said. Under the expansion plan, KCM will construct a new cobalt refinery and a coal-fired power plant, and would also invest in local communities in areas of education, health, sport and poverty eradication and sustainable livelihoods, Agarwal, who was in the African country to attend the India-Zambia Business forum said. "We are targeting strong growth for KCM in the years ahead. Agarwal said. Zambia remains one of Africa's preferred investment destinations and that further ...
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Odisha slaps Rs 32 billion demand notice on Tata Steel, OMC & others 12.4.2018 Latest News
The Odisha government has slapped a demand notice on a string of chrome ore miners including its own PSU Odisha Mining Corporation (OMC).The demand notice seeks to recover Rs 32 billion for overproduction of chromite ore beyond the statutory limits. Notices have also been despatched to others like Tata Steel, Balasore Alloys, Ferro Alloys Corporation (FACOR), Indian Metals & Ferro Alloys Ltd (IMFA), Jindal Stainless Ltd, B C Mohanty, Mishrilal Mines and Industrial Development Corporation Ltd (IDCOL).The chromite leaseholders have been asked to shell out their share of compensation by May 10.Notices to chrome ore mines follows similar demand notices first served on iron and manganese ore mines and lately on Coal India subsidiary Mahanadi Coalfields Ltd (MCL). The state mines department after a Supreme Court order pronounced on August 2 , 2017 on illegal mining case in Odisha, had raised a demand amounting to Rs 175.76 billion on 131 iron ore and manganese mines. Later, MCL faced a .
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India's non-atomic and fuel mineral production up by 13% 12.4.2018 General News
India produced over Rs 1.13 lakh crore worth of minerals, excluding atomic and fuel minerals, during 2017-18, an increase of 13 per cent over the previous year. According to the annual report 2017-18 by the Ministry of Mines, the value of metallic minerals stood at Rs 53,029 crore while non-metallic minerals including minor minerals was at Rs 60,512 crore. The total value of mineral production (excluding atomic and fuel minerals) has been estimated at Rs 1,13,541 crore, which shows an increase of about 13 per cent over that of the previous year," it said. "During 2017-18, estimated value for metallic minerals was Rs 53,029 crore or 47.7 per cent of the total value and non-metallic minerals including minor minerals is Rs 60,512 crore or 53.3 per cent of the total value," the report said. The number of mines which reported mineral production (excluding atomic, fuel and minor minerals) in India was 1531 in 2017-18 as against 1508 in the previous year. Out of 1531 reporting .
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Vedanta to save Rs 800 per tonne in long-term bauxite deal with OMC 12.4.2018 Latest News
After years of struggle to secure raw material for its Lanjigarh alumina refinery following Niyamgiri fiasco, Vedanta has finally cliched a deal with state-owned Odisha Mining Corporation (OMC) for supply of bauxite to its beleaguered plant.As a result, Vedanta is expected to get 0.8 million tonne of bauxite from the OMC in the current financial year at a price which is estimated to be Rs 700 to Rs 800 per tonne cheaper compared to the landed cost of bauxite at the Lanjigarh plant site at present. In the first ever auction of bauxite in the country, Vedanta along with Hindalco and Anrak Aluminium have snatched up 0.19 million tonne of bauxite offered by OMC from its newly opened Kodingamali mines in Koraput district.In the process, OMC has discovered the rate for long term supply of bauxite to Vedanta which is estimated at about Rs 465 per tonne at the pithead excluding the royalty payment to the state government and statutory contribution to district mineral foundation (DMF) and ...
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Vedanta's Q4 iron ore output in Goa falls 58 pc to 1.5 MT 11.4.2018 General News
Metal and mining giant Vedanta today said its iron ore production in Goa fell 58 per cent to 1.5 MT in March quarter due to lower demand for low grade ore and closure of mining operations in the state. In Goa, production and sales during the quarter were 1.5 MT(million tonne) and 2.4 MT, respectively, the company said in filing to BSE. "The production volumes were lower year-on-year primarily due to lower demand for low grade ore and mine closure pursuant to a Supreme Court judgement," it said. The apex court in an order dated February 7, 2018 directed mining operations in Goa to stop with effect from March 16, 2018. In Karnataka, the company's iron ore production stood at 0.1 MT. During the quarter, Vedanta's pig iron production stood at 1,82,000 tonne. Output of copper cathodes grew 3 per cent to 1,06,000 tonne from 1,03,000 tonne in the year-ago quarter. Aluminium production in the quarter stood at 4,77,000 tonne, up 35 per cent from the year-ago quarter. Alumina output was ...
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Metal & mining stocks shine on firm prices 10.4.2018 General News
Shares of ten metal and mining companies rose by 0.43% to 3.75% at 12:48 IST on BSE after copper price edged higher in the global commodities markets.
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Hindalco, Balco, Anrak to source bauxite from Odisha Mining Corporation 6.4.2018 Business Standard: News Now
At the inaugural e-auctions, OMC has offered 190,000 tonnes of bauxite drawn from its captive lease at Kodingamali in southern Odisha
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Vedanta may pay high logistic cost to haul bauxite from OMC mine 5.4.2018 Business Standard: News Now
Even as mining entity Vedanta looks at entering into a long-term contract with Odisha Mining Corporation (OMC) to secure bauxite for its Lanjigarh (Kendrapara district) alumina refinery from the latter's newly opened Kodingamali mines, the company is worried about escalation in the cost of procuring the raw material.Unlike the Niyamgiri bauxite deposits, located close to the Lanjigarh plant, which was denied to the company after protests by locals and ecology activists, Kodingamali is 130 km away. There being no direct rail link with the mining site, the transportation cost, whether via an indirect rail route or by road, is estimated at Rs 1,000-1,200 a tonne. This could push the bauxite price by more than 100 per cent by the time it reaches the Lanjigarh plant."Logistics is an issue. In a competitive market, when companies like Nalco and Hindalco have refineries next to their captive mines, and have the advantage of carrying bauxite to their plants at negligible cost through a ...
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Metal shares witness bargain hunting 5.4.2018 General News
Shares of 10 metal and mining companies rose by 1.38% to 7.06% at 14:15 IST on BSE on bargain hunting after the sector witnessed steep selling in the previous trading session.
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Hanwha Chemical keen to invest $900 million in Odisha PCPIR 2.4.2018 Latest News
The South Korean company is yet to make a formal proposal to the state government
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Vedanta wins bid to acquire Electrosteel Steels 31.3.2018 General News
Anil Agarwal group-owned Vedanta today said it has won the bid to acquire bankrupt Electrosteel Steels Ltd in an insolvency auction. "Vedanta Limited hereby informs that it has been declared as the successful resolution applicant by the committee of creditors (CoC) for Electrosteel Steels Ltd under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016 and has received a Letter of Intent (LoI) today," the company said in a BSE filing. Vedanta said it has accepted the terms of the LoI. The closure of the transaction will be subject to compliance with applicable regulatory requirements and as per the final terms approved by the National Company Law Tribunal, it added.
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May see Rs 1,800 cr impairment in FY18: Vedanta 29.3.2018 General News
Metals and mining giant Vedanta Ltd today said it may see impairment of up to Rs 1,800 crore in the current fiscal on account of the Supreme Court order to shut mining operations in Goa from March 16, 2018. "In light of the Supreme Court of India judgement dated February 7, 2018 wherein the Court has directed that effective March 16, 2018 all mining operations in the state of Goa are to be stopped, the Company wishes to inform its investors that there could be a likely impairment of Rs 1,500 crore to Rs 1,800 crore net of taxes (Rs 2,100 crore to Rs 2,400 crore gross of taxes) on this account," Vedanta Ltd said in a regulatory filing. The Anil Agarwal-led company said this is mainly related to mining reserve and would be reflected in the results for FY 2017-18. Stating that the impairment is non-cash accounting item, the company also clarified that the closure of the group's iron ore business in Goa would not have any material impact on the its profitability. Vedanta said it reviews .
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