Mining Industries Correspondent
Krishna's Feed
Jan 9, 2014

Environment nod to lift cost of POSCO’s India plant to $12.6 bln

NEW DELHI, Jan 9 (Reuters) – India’s environment ministry
has given its go-ahead to POSCO’s planned steel
plant in the country, but has asked it to spend on “social
commitments”, a company spokesman said, raising the project’s
cost by $600 million to $12.6 billion.

The revalidation of the South Korean firm’s lapsed
environmental clearance comes days before the country’s
president, Park Geun-hye, visits India for four days starting
Jan. 15.

Jan 9, 2014

2013 iron ore exports halve, Goa ban hurts: research firm

NEW DELHI (Reuters) – India’s iron ore exports more than halved to 14 million tonnes in 2013 due to a mining and shipment ban in top exporting state Goa, research firm OreTeam said, but the situation could improve this year as some restrictions are likely to be eased.

The ban, imposed in 2012 to clamp down on illegal mining following a similar step in Karnataka in 2011, has cut India’s iron ore exports by about 85 percent, or 100 million tonnes, over the past two years.

Jan 9, 2014

India’s 2013 iron ore exports halve, Goa ban hurts -research firm

NEW DELHI, Jan 9 (Reuters) – India’s iron ore exports more
than halved to 14 million tonnes in 2013 due to a mining and
shipment ban in top exporting state Goa, research firm OreTeam
said, but the situation could improve this year as some
restrictions are likely to be eased.

The ban, imposed in 2012 to clamp down on illegal mining
following a similar step in Karnataka in 2011, has cut India’s
iron ore exports by about 85 percent, or 100 million tonnes,
over the past two years.

Jan 3, 2014

India scraps AgustaWestland helicopter deal, agrees to arbitration

NEW DELHI (Reuters) – India cancelled its $770 million helicopter deal with Italian defense group Finmeccanica’s AgustaWestland unit on Wednesday over what it termed a breach of integrity, but agreed to take part in an arbitration process.

India froze payments for the 12 AW101 helicopters after Finmeccanica’s then chief executive was arrested in February for allegedly paying bribes to secure the deal, embarrassing the New Delhi government before parliamentary elections due by May 2014.

Jan 1, 2014

Stung by curbs, iron ore firms throw in the towel

Codli Village, INDIA/SINGAPORE (Reuters) – Top trader MMTC’s (MMTC.NS: Quote, Profile, Research) $80 million iron ore export terminal, ready since 2010, has never handled a cargo. Now the company wants to spend $16 million to convert the terminal to ship coal.

Bans on iron ore mining and exports in top producing states of Karnataka and Goa have choked the industry so hard that MMTC is one of many firms exiting. Even if efforts to fully lift the bans make it past the many bureaucratic and legal hurdles, iron ore miners do not expect complete resumption of production until late 2014.

Jan 1, 2014

Stung by curbs, Indian iron ore companies throw in towel

Codli Village, INDIA/SINGAPORE, Jan 2 (Reuters) – Top Indian
trader MMTC’s $80 million iron ore export terminal,
ready since 2010, has never handled a cargo. Now the company
wants to spend $16 million to convert the terminal to ship coal.

Bans on iron ore mining and exports in India’s top producing
states of Karnataka and Goa have choked the industry so hard
that MMTC is one of many firms exiting. Even if efforts to fully
lift the bans make it past the many bureaucratic and legal
hurdles, iron ore miners do not expect complete resumption of
production until late 2014.

Jan 1, 2014

India agrees to arbitration on scrapped AgustaWestland helicopter deal

NEW DELHI (Reuters) – India agreed to take its $770 million helicopter deal with Italian defense group Finmeccanica’s (SIFI.MI: Quote, Profile, Research, Stock Buzz) AgustaWestland unit to arbitration while formally cancelling the agreement on Wednesday over what it termed a breach of integrity.

India’s Defense Ministry appointed a former judge as its arbitrator on Wednesday but said in a statement it believed “integrity-related issues are not subject to arbitration”.

Dec 31, 2013

Steel consortium slashes Afghan ore plant plan

NEW DELHI/KABUL (Reuters) – An Indian consortium has slashed a planned $10.8 billion iron ore investment in Afghanistan by 80 percent because it has been unable to get funding for the project.

The consortium has proposed new terms which would see just 130.57 billion rupees invested, according to figures released on Tuesday in India’s steel ministry year-end report.

Dec 31, 2013

Indian steel group slashes Afghan ore plant plan

NEW DELHI/KABUL, Dec 31 (Reuters) – An Indian consortium has
slashed a planned $10.8 billion iron ore investment in
Afghanistan by 80 percent because it has been unable to get
funding for the project.

The consortium has proposed new terms which would see just
130.57 billion rupees ($2 billion) invested, according to
figures released on Tuesday in India’s steel ministry year-end
report.

Dec 18, 2013

JSW Steel’s main plant battling iron ore shortage

NEW DELHI (Reuters) – JSW Steel Ltd(JSTL.NS: Quote, Profile, Research) said its 10 million-tonne-per-year plant in Karnataka will not operate at more than 80 percent capacity in the near future as mining restrictions have stifled the supply of iron ore, a key feedstock.

Difficulty in sourcing iron ore has forced the company to go slow on plans to nearly triple annual capacity to 40 million tonnes in the next decade, which, along with ArcelorMittal SA (ISPA.AS: Quote, Profile, Research) and Posco (005490.KS: Quote, Profile, Research) recently pulling out of projects, could derail India’s steel production ambitions.

    • About Krishna

      "I have been covering India's metals and mining industries from New Delhi since April Fool’s Day, 2013. Before that I led two teams of reporters covering small-and-medium-sized U.S./Canada-listed energy and resources companies. I have closely followed the solar and shipping industries and love to write on cricket whenever I can."
      Joined Reuters:
      August, 2009
      Languages:
      Assamese
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