Mining Industries Correspondent
Krishna's Feed
Aug 25, 2014

India’s top court says government coal allocations illegal

NEW DELHI, Aug 25 (Reuters) – India’s top court on Monday
declared as illegal government allocations of coal blocks since
1993, jeopardising projects built around the blocks and
threatening to exacerbate a shortage of the fuel.

The government’s awards of more than 200 coal blocks to
steel, cement and power companies has been at the centre of a
scandal Indian media has dubbed “Coalgate”, with an auditor
report in 2012 saying the underpriced sales had cost the
exchequer as much as $33 billion.

Aug 13, 2014

Steelmaker JSW says Lucchini sale is not a done deal

NEW DELHI/LONDON (Reuters) – Italy’s claims that a sale of parts of insolvent Italian steelmaker Lucchini to India’s JSW Steel will be concluded within days are premature, a top JSW executive said on Wednesday.

Lucchini, formerly owned by Russia’s Severstal, was declared insolvent in 2012 and placed under special administration after falling victim to plunging European demand for steel during the 2008 recession.

Aug 13, 2014

Indian steelmaker JSW says Lucchini sale is not a done deal

NEW DELHI/LONDON (Reuters) – Italy’s claims that a sale of parts of insolvent Italian steelmaker Lucchini to India’s JSW Steel will be concluded within days are premature, a top JSW executive said on Wednesday.

Lucchini, formerly owned by Russia’s Severstal, was declared insolvent in 2012 and placed under special administration after falling victim to plunging European demand for steel during the 2008 recession.

Aug 12, 2014

Bhushan Steel says servicing debt so far

NEW DELHI (Reuters) – Bhushan Steel Ltd (BSSL.NS: Quote, Profile, Research), a debt-ridden company whose managing director was arrested last week in a bribery case involving a bank chairman, has so far been able to service its loans, its finance director told Reuters on Tuesday.

The Central Bureau of Investigation (CBI), India’s top crime-fighting agency, arrested Sudhir Kumar Jain, the chairman of mid-sized state-run lender Syndicate Bank Ltd (SBNK.NS: Quote, Profile, Research) earlier this month over allegations of taking bribes to grant loan extensions to Bhushan Steel.

Aug 12, 2014

India’s Bhushan Steel says servicing debt so far

NEW DELHI, Aug 12 (Reuters) – India’s Bhushan Steel Ltd
, a debt-ridden company whose managing director was
arrested last week in a bribery case involving a bank chairman,
has so far been able to service its loans, its finance director
told Reuters on Tuesday.

The Central Bureau of Investigation (CBI), India’s top
crime-fighting agency, arrested Sudhir Kumar Jain, the chairman
of mid-sized state-run lender Syndicate Bank Ltd
earlier this month over allegations of taking bribes to grant
loan extensions to Bhushan Steel.

Aug 11, 2014

Steel consortium undecided on size of Afghan iron ore investment

NEW DELHI (Reuters) – A consortium led by the Steel Authority of India (SAIL) (SAIL.NS: Quote, Profile, Research) has yet to decide how much it will commit to an iron ore project in Afghanistan that was originally supposed to be a $10.8 billion investment, SAIL’s chairman said on Monday.

The steel ministry said in December that the group had proposed new terms and planned to invest about $2 billion in three iron ore mines and a steel plant.

Aug 11, 2014

Indian consortium undecided on size of Afghan iron ore investment

NEW DELHI, Aug 11 (Reuters) – An Indian consortium led by
the Steel Authority of India (SAIL) has yet to decide
how much it will commit to an iron ore project in Afghanistan
that was originally supposed to be a $10.8 billion investment,
SAIL’s chairman said on Monday.

India’s steel ministry said in December that the group had
proposed new terms and planned to invest about $2 billion in
three iron ore mines and a steel plant.

Aug 7, 2014

India considering report on Coal India restructuring-minister

NEW DELHI, Aug 7 (Reuters) – India’s coal ministry said it
was studying the recommendations of consultants Deloitte on
restructuring options for Coal India, the state
behemoth that has failed to meet its output target for years
despite having access to large reserves.

A government committee has urged the ministry to restructure
the world’s largest coal miner to help reduce shortage of the
fuel, which accounts for more than two-thirds of the power
generated in the country.

Aug 7, 2014

Corrected – In cat-and-mouse game, India uncovers new gold smuggling route

NEW DELHI/SINGAPORE (Reuters) – (Corrects figure in Aug 1 story in 7th paragraph to 150-200 tonnes, not 200-250 tonnes)

India is scrambling to crack down on a new gold smuggling tactic that it fears could accelerate a flood of illegal imports of the precious metal into the world’s second-biggest buyer.

Aug 1, 2014

Corrected – ICVL to nearly triple coal output from mine bought from Rio Tinto

NEW DELHI (Reuters) – (Corrects transportation cost in penultimate paragraph to $60/T, not $60 mln)

An Indian group that has agreed to buy Rio Tinto’s (RIO.L: Quote, Profile, Research) (RIO.AX: Quote, Profile, Research) Benga mine in Mozambique plans to nearly triple production from there to up to 13 million tonnes per year in three years, the group’s chairman told Reuters on Thursday.

    • 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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