NEW DELHI (Reuters) – Karnataka expects to reopen 19 iron ore mines this fiscal year, which were shut by a court in 2011, increasing supplies to local steel mills by 30 million tonnes, the head of its mines department said.
India used to produce 200 million tonnes of iron ore a year and sell about half of that overseas before bans on production aimed at curbing illegal mining in Karnataka and top producer Goa slowed production and exports to a trickle.
NEW DELHI, April 5 (Reuters) – India’s Karnataka state
expects to reopen 19 iron ore mines this fiscal year, which were
shut by a court in 2011, increasing supplies to local steel
mills by 30 million tonnes, the head of its mines department
India used to produce 200 million tonnes of iron ore a year
and sell about half of that overseas before bans on production
aimed at curbing illegal mining in the states of Karnataka and
top producer Goa slowed production and exports to a trickle.
April 3 (Reuters) – Landlocked U.S. oil refiners short on
capacity to blend ethanol are bracing for a spike in costs,
unable to export their way out of a sudden rise in the price of
renewable energy credits needed to comply with government
CVR Energy Inc and HollyFrontier Corp,
inland refiners with limited capacity to blend biofuels into the
pipeline, are suffering from a jolt to investor confidence while
stocks of their coastal peers continue a two-year upward march.
NEW DELHI/MUMBAI (Reuters) – Sterlite Industries Ltd’s(STRL.NS: Quote, Profile, Research) copper plant in India, the country’s largest, will stay closed at least until a hearing next week about a gas leak reported at the site, tightening supplies of the red metal in Asia’s third largest economy.
An extended shutdown of the smelter, which produces more than 300,000 tonnes per year and supplies half of India’s domestic copper needs, could spur imports and drive up prices, traders and analysts have said.
March 20 (Reuters) – Oil tanker owners are cushioning the
impact of Iranian trade restrictions by shipping crude over
greater distances to some of Asia’s biggest economies, the
founder of Nordic American Tankers Ltd said on
Chief Executive Herbjorn Hansson said Western sanctions on
doing business with Iran had led to an increase in oil shipments
from West African countries to energy-hungry China and India
-longer routes that generate bigger revenues for shipping firms.
Feb 7 (Reuters) – U.S. thermal coal miners, primed for a
recovery in demand, will have to wait for up to a year while
stockpiles are run down before profiting from the fuel’s return
to being the cheap alternative to natural gas in power
Thermal coal is expected to be 35 percent cheaper than gas
on average this year, the U.S. Energy Information Administration
(EIA) says, reversing a pricing trend that cut coal consumption
by 11 percent in 2012 to its lowest level in two decades.
Jan 30 (Reuters) – Kinder Morgan Energy Partners LP
will buy natural gas pipeline operator Copano Energy LLC
for $3.22 billion to tap into growing demand for
infrastructure to transport vast supplies from the shale fields
of Texas and Oklahoma.
Private equity firm TPG Capital, Copano’s top
shareholder with a stake of more than 14 percent, will get a 41
percent premium to its $300 million investment made in 2010, if
the deal goes through.
Jan 24 (Reuters) – Cliffs Natural Resources Inc said
it would write down the value of Consolidated Thompson Iron
Mines Ltd by $1 billion as it expects lower volumes and higher
costs in the business bought for more than $4 billion two years
Rival miners Rio Tinto Plc and Vale SA
have recorded billion-dollar charges over the past two months on
weak demand for commodities such as iron ore, coal and aluminum,
and analysts expect BHP Billiton Plc and Anglo American
Plc to follow.
Dec 27 (Reuters) – Hanwha SolarOne Co Ltd said Bank
of Beijing Co Ltd will provide it with a credit line
of about $475 million, in yet another instance of Chinese banks
helping local solar companies survive a steep fall in prices.
Hanwha SolarOne’s total long-term debt of 2.76 billion yuan
($442.3 million) is already more than five times its market
value, and the company, like many of its China-based rivals, has
reported losses for the last six quarters.
Dec 20 (Reuters) – A new generation of land-based oil and
gas rigs is halving drilling time and cutting costs for
customers, but also setting a clear divide for investors between
firms that have the new machines and those stuck with hundreds
of old ones.
About two-thirds of the 1,750 active land rigs in the United
States are legacy diesel-powered units. The rest are the newer
machines that have alternate current (AC) motors.