Metals & Mining
Coal India production rises 12.6 pc in Sep
State-owned CIL's output in the April-September period increased by 11.3 per cent to 332.9 MT against 299 MT a year ago. The offtake of the Maharatna firm in the April-September period also went up by 8.6 per cent to 360.7 MT against 332 MT in the year-ago period.
Vedanta in search of nirvana: A look into the six-way split of the conglomerate
Indian conglomerate Vedanta Resources is facing increased risk around its upcoming debt repayments, leading to a downgrade by Moody's Investors Services. The company is struggling to raise funds to cover its debt obligations, including $3.2 billion in bonds maturing between 2024 and 2025. Moody's warned of a further downgrade if the company fails to make progress on funding arrangements.
Vedanta to demerge into six listed companies
Mumbai-listed Vedanta, which produces copper, aluminium, iron ore and crude oil, and is a subsidiary of the London-based Vedanta Resources (VRL), said the exercise was aimed at building a simplified corporate structure that would appeal to focused investors.
Vedanta raises Rs 2,500 crore through unlisted NCDs
Vedanta Ltd, the Indian subsidiary of Vedanta Resources, has raised ₹2,500 crore through non-convertible debentures with an interest rate of 12%. The funds will be used for capital expenditure or loan repayment. Vedanta Resources, the parent company, has been downgraded by S&P Global Ratings due to debt issues and a funding gap of $600 million.
Seventh round of commercial coal mine auction: Centre sign pacts with 6 bidders
The Indian government has signed agreements with six companies, including Hindalco Industries and NLC India, for coal blocks obtained in the seventh round of coal mines auction. The auction included 106 mines, and the successful bidders include Hindalco Industries, NTPC Mining, NLC India, Shri Bajrang Power & Ispat, and Nilkanth Mining.
HCL to ramp up copper ore production capacity to 12.2 MTPA by FY'29
The proposed expansion of mines in the western sector - Khetri and Kolihan in Rajasthan - will increase ore production capacity fromexisting 1.0 to 3.0 MTPA. The proposed expansion and reopening of Surda Mine in Jharkhand will increase its production capacity from 0.4 MTPA to 0.9 MTPA.
Vedanta announces demerger to split business into six listed entities
Vedanta has announced plans to demerge its business units into independent ‘pure play’ companies to unlock value, get investments, the company said in a statement on Friday.
Vedanta to spin off, list five more commodities businesses to unlock value
Vedanta, an Indian metals-to-oils conglomerate, has announced plans to demerge its business units into independent companies in order to unlock value and attract investments. The proposed entities include Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Metals, Vedanta Base Metals, and Vedanta Limited. The announcement has resulted in a 6.8% increase in Vedanta's shares.
Hindustan Zinc plans corporate rejig, to spin off businesses into separate companies
Hindustan Zinc's board has authorized a committee of directors to evaluate a corporate restructuring exercise in order to unlock shareholder value. The company aims to attract a wider investor base by assessing different investment profiles. Its parent company, Vedanta Ltd, is also planning to separate its commodities businesses into four companies to improve valuations.
Mineral production records 10.7 per cent surge in July
India's mineral production sector experienced a significant increase of 10.7% in July 2023 compared to the same month the previous year, according to data released by the Indian Bureau of Mines. The Index of Mineral Production reached a level of 111.9, demonstrating the sector's resilience and contribution to economic development. Key minerals such as coal, lignite, natural gas, and crude petroleum all showed positive growth.
Must Watch
Steam coal imports dip 6% to 61 mt in April-July
India's steam coal imports have dropped by 6% year-on-year in the April-July period, mainly due to reduced demand caused by lower domestic fuel prices and sufficient stock at power plants. Shipments from Indonesia have also decreased by a quarter compared to last year. The drop in imports can be attributed to lower imports by power units, cheaper domestic supplies, and better fuel planning.
Sustainable utilisation of coal mine water resources by PSUs results in benefit for around 17.7 lakh people
The sustainable utilization of mine water resources by public sector companies under the coal ministry has benefited over 17 lakh people in nine states. The stored mine water is used for various purposes such as domestic and drinking water supply, irrigation, groundwater replenishment, dust suppression, and machinery washing. Around 46% of the discharged mine water is allocated for community uses, 49% for domestic and industrial needs, and 6% for groundwater recharge initiatives.
Indian miner NMDC's China exports hindered by logistics: Source
NMDC is not able to ship low-grade iron ore to the country's biggest iron ore customer, China, amid logistics issues, according to a source. This is a major hindrance as Indian producers of low-grade ores depend a lot on foreign markets since most major local steel producers use high-grade iron ores.
AMNS India's Hazira project to be commissioned by 2026: Laxmi Mittal
ArcelorMittal's Hazira project in India is set to be commissioned by 2026, according to executive chairman Lakshmi N Mittal. The company's arm, AMNS India, plans to invest INR 60,000 crore to increase the capacity of its steel plant at Hazira to 15 million tonnes. Mittal expressed confidence in the project's progress, noting that over 20,000 people are currently involved in its constructio
Moody's downgrades Vedanta Resources on debt rejig concerns
"The downgrade reflects elevated risk of debt restructuring over the next few months because VRL has not made any meaningful progress on refinancing its upcoming debt maturities, in particular the $1 billion bonds maturing each in January 2024 and August 2024," Kaustubh Chaubal, the lead Moody's analyst on the conglomerate, said Tuesday.
Rating agencies turn positive on Tata Steel post UK resolution plan
Earlier this month, Tata Steel announced the much-awaited resolution plan for its operations in the UK. The local government will grant the company 500 million pounds as it transitions to a sustainable steel-making process at Port Talbot by building a three-million-tonne electric arc furnace. -
