Chief Correspondent, Commodities, India
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Jul 31, 2014

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

NEW DELHI/SINGAPORE, Aug 1 (Reuters) – 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.

India — whose appetite for gold is only rivalled by China
– last year imposed a record 10 percent import duty and made it
mandatory to export a fifth of all bullion imports, seeking to
curb bullion demand that has blown out the trade deficit.

Jul 31, 2014

India group to nearly triple coal output from mine bought from Rio Tinto

NEW DELHI, July 31 (Reuters) – An Indian group that has
agreed to buy Rio Tinto’s 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.

Rio Tinto said on Wednesday it would sell the Benga mine and
other projects in Tete province it bought via a $4 billion
acquisition of Riversdale Mining in 2011 for just $50 million to
the group, International Coal Ventures Pvt Ltd (ICVL).

Jul 31, 2014

Some Coal India mines may be run by foreign firms -minister

NEW DELHI, July 31 (Reuters) – India has identified a few of
Coal India’s mining projects that could be operated by
foreign firms, the coal and power minister said, a step aimed at
raising supply from a monopoly that has failed to meet its
output target for years.

Coal India, the world’s top coal miner, has been hobbled by
inefficiency, worker strikes, delays in getting environmental
clearance and other issues.

Jul 25, 2014

Coal India undermined by basic equipment flaws

NEW DELHI, July 25 (Reuters) – As Prime Minister Narendra
Modi’s government looks to shape up Coal India Ltd for
a potential major restructuring, the world’s biggest coal miner
still faces basic problems: it does not have enough mechanical
shovels, dumpers and explosives.

The new government, which has a 90 percent stake in the
company whose total market value is about $40 billion, is
exploring a break up and opening up the sector to foreign
investment to boost output and cut imports, sources have said.

Jul 18, 2014

Coal India union says to oppose any stake sale

NEW DELHI, July 18 (Reuters) – Unions representing workers
at Coal India Ltd, the world’s largest coal miner,
will oppose any move to sell a stake in the state-owned company
as part of the new government’s plan to shore up its finances, a
union leader said on Friday.

The government, which has a 90 percent stake in the company
whose total value is about $40 billion, is considering the sale
of a 10 percent stake, according to official sources.

Jul 16, 2014

Trafigura targets $8 bln India metals market with online store

NEW DELHI, July 16 (Reuters) – Swiss-based Trafigura has
launched an online store in India to sell aluminium, copper and
other metals, seeking a slice of the $8 billion market and
becoming the first big commodities trader to cater to hordes of
small manufacturers dotting the country.

Trafigura, co-founded by French billionaire
Claude Dauphin, said it has been drawn in by India’s primary
metals market that is forecast to grow at up to 8 percent a
year.

Jul 9, 2014

JSW Steel raises iron ore imports to six mln tonnes in a year

NEW DELHI (Reuters) – JSW Steel, led by billionaire Sajjan Jindal and India’s third-largest maker of the alloy, will import 6 million tonnes of iron ore this fiscal year compared with no shipments a year earlier due to production cutbacks at home.

JSW’s return to the sea-borne iron ore market after a gap of more than a year could further support prices that seem to be recovering after sliding to 21-month lows in mid-June.

Jul 9, 2014

India’s JSW raises iron ore imports to 6 mln T in a year

NEW DELHI, July 9 (Reuters) – JSW Steel, led by
billionaire Sajjan Jindal and India’s third-largest maker of the
alloy, will import 6 million tonnes of iron ore this fiscal year
compared with no shipments a year earlier due to production
cutbacks at home.

JSW’s return to the sea-borne iron ore market after a gap of
more than a year could further support prices that seem to be
recovering after sliding to 21-month lows in mid-June.

Jul 8, 2014

Power plants running out of coal, imports to surge

NEW DELHI (Reuters) – Nearly half of India’s coal-fired power plants have only enough stocks to last a week or less, a shortage that could become critical and drive up thermal coal imports by 14 percent as weak monsoon rains are expected to cut output from hydropower.

State behemoth Coal India (COAL.NS: Quote, Profile, Research), the world’s largest coal miner, has failed to raise its output fast enough to meet demand, and millions of Indians still go without power.

Jul 8, 2014

Indian power plants running out of coal, imports to surge

NEW DELHI, July 8 (Reuters) – Nearly half of India’s
coal-fired power plants have only enough stocks to last a week
or less, a shortage that could become critical and drive up
thermal coal imports by 14 percent as weak monsoon rains are
expected to cut output from hydropower.

State behemoth Coal India, the world’s largest
coal miner, has failed to raise its output fast enough to meet
demand, and millions of Indians still go without power.

    • About Krishna

      "I lead the India commodities team for Reuters in New Delhi. I cover the coal, metals and mining industries with a focus on government policy. Before coming to the capital in April 2013, I headed two teams of reporters covering small-and-medium-sized U.S./Canada-listed energy and resources companies."
      Joined Reuters:
      August, 2009
      Languages:
      Assamese
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