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Apr 24, 2012

Karnataka to resume iron ore mining in July: minister

NEW DELHI (Reuters) – Iron ore production by privately owned miners in Karnataka will likely resume in July, Mines Minister Dinsha Patel said on Tuesday, after what will have been a year’s hiatus due to a government and judicial crackdown on illegal operations.

Patel said initial production from the state would go to local steel mills, but a resumption of mining means the world’s third-biggest supplier of iron ore could hope to regain its $6 billion, 100 million tonnes average annual exports, mainly to China, in 2012/13.

Apr 24, 2012

Indian state to resume iron ore mining in July-minister

NEW DELHI, April 24 (Reuters) – Iron ore production by
privately owned miners in India’s Karnataka state will likely
resume in July, the country’s mines minister said on Tuesday,
after what will have been a year’s hiatus due to a government
and judicial crackdown on illegal operations.

Dinsha Patel said initial production from the southern state
would go to local steel mills, but a resumption of mining means
the world’s third-biggest supplier of iron ore could hope to
regain its $6 billion, 100 million tonnes average annual
exports, mainly to China, in 2012/13.

Apr 17, 2012

New pacts unlikely to improve India coal supply-power cos

NEW DELHI, April 17 (Reuters) – Coal India’s offer
to pay a paltry penalty for missing supply obligations will not
force the state-run monopoly to ramp up production quickly to
meet burgeoning demand in energy-starved India, power producers
said on Tuesday.

The world’s biggest coal miner has been ordered by the
government, which owns 90 percent of Coal India, to sign
contracts agreeing to supply at least 80 percent of the coal
requirement of utilities that have been hobbled by scarce fuel.

Apr 11, 2012

EU CO2 law could scupper global climate talks

NEW DELHI (Reuters) – A European Union law that charges airlines for carbon emissions is “a deal-breaker” for global climate change talks, India’s environment minister said, hardening her stance on a scheme that has drawn fierce opposition from non-EU governments.

From January 1, all airlines using EU airports have come under the European Union Emissions Trading Scheme, prompting a volley of retaliatory threats, including of a possible trade war.

Apr 11, 2012

EU CO2 law could scupper global climate talks: India

NEW DELHI (Reuters) – A European Union law that charges airlines for carbon emissions is “a deal-breaker” for global climate change talks, India’s environment minister said, hardening her stance on a scheme that has drawn fierce opposition from non-EU governments.

From January 1, all airlines using EU airports have come under the European Union Emissions Trading Scheme (ETS).

Apr 3, 2012

At least 10 pct supply penalty cost likely for Coal India-sources

NEW DELHI, April 3 (Reuters) – State-backed Coal India
may have to pay power companies between 10 and 40
percent of the average cost of 20 percent and more shortfall in
supplies under new guaranteed fuel pacts the government is
forcing it to sign, ministry sou r ces said.

The world’s biggest coal miner, however, stands to gain
equal levels of rewards even if it meets only 90 percent of its
commitments under these pacts with power plants that are due to
be commissioned by 2015 and generate 50,000 megawatts of power.

Mar 15, 2012

Economic Survey: Govt calls for fiscal consolidation

NEW DELHI (Reuters) – The government needs to boost tax revenues and cut expenditure to rein in a burgeoning fiscal deficit and help cool inflation pressures and bolster longer term growth, the government said in a survey on Thursday, a day before the annual budget.

New Delhi is expected to miss this fiscal year’s deficit target of 4.6 percent of GDP by a wide margin, and it faces a difficult task to cut a soaring subsidy bill and revive slowing growth.

Mar 15, 2012

India govt report calls for fiscal consolidation

NEW DELHI, March 15 (Reuters) – India needs to boost
tax revenues and cut expenditure to rein in a burgeoning fiscal
deficit and help cool inflation pressures and bolster longer
term growth, the government said in a survey on Thursday, a day
before the annual budget.

New Delhi is expected to miss this fiscal year’s deficit
target of 4.6 percent of GDP by a wide margin, and it faces a
difficult task to cut a soaring subsidy bill and revive slowing
growth.

Mar 14, 2012

India Shipping Corp seeks local insurance cover for Iran imports

NEW DELHI, March 14 (Reuters) – Shipping Corp of India
, the country’s largest shipping company, is in talks
with local insurance firms seeking cover for cargoes and vessels
for imports from Iran, its chairman S. Hajara said on Wednesday,
as fresh western sanctions loom.

“We haven’t heard from the government. We are talking to PSU
(state-run) insurance companies. They (talks) are positive
discussions,” Hajara told Reuters on the sidelines of a coal
industry conference.

Mar 14, 2012

Slim majority see Indonesia coal tax no deterrent to India buyers

NEW DELHI, March 14 (Reuters) – India could be the top
buyer of Indonesian thermal coal next year even if the southeast
Asian country introduces an export tax on its product, a slim
majority of respondents in a spot poll of attendees at the
Coaltrans conference in New Delhi said.

Prices could rise “moderately” as a result of any export tax
on coal by Indonesia, according to 75 percent of the delegates
who took part in the electronic vote on Wednesday.