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.
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.
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.
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.
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).
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.
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.
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.
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
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.