Thursday, 20 Oct 2011
ET reported that an expert group of the Mines Ministry will hold its first meeting this week to review the royalty rates due for revision next year for all major minerals other than coal, lignite and sand.
The 17 member study group which will submit its report in six months, will not only take into account the present Act governing royalty but also the new draft mines law Mines and Mineral Bill which is likely to be tabled in the winter session of Parliament.
A Mines Ministry official said "The first meeting of the Study Group constituted under the chairmanship of Additional Secretary (Mines), Mr Sanjay Srivastava regarding revision of royalty rates and rates of dead rent for minerals (other than coal, lignite and sand for stowing) has been convened here on October 21."
There are 51 minerals prescribed in the second schedule of the MMDR Act 1957 and the rates vary from mineral to mineral. The royalty on iron ore is 10 per cent at present.
Mr S Vijay Kumar Mines Secretary had said earlier that the group will not only review the royalty rates based on existing Act but will also recommend royalty as per the new mines Bill and the mechanism for its computation.
He said that the committee will also recommend royalty as per MMDR Bill, 2011 taking into account the liabilities on the lease holder.
The proposed new Mines law provides that the coal miners share 26% of the profit and others an amount equivalent to royalty amount with the project-affected people.
The next upward revision in royalty rates is due in August 2012. Rates are revised every three years and the last revision was done with effect from August 13 2009.
(sourced Economic Time)
Showing posts with label Indian miners. Show all posts
Showing posts with label Indian miners. Show all posts
Thursday, October 20, 2011
Monday, October 10, 2011
Goa orders suspension of work in two mines
Monday, 10 Oct 2011
The Goa Mines and Geology Department has ordered the suspension of two iron ore and bauxite mines which found mention for alleged illegality in the controversial Public Accounts Committee draft report.
Director of Mines Mr Arvind Loliyekar confirmed to The Hindu on Sunday that orders were issued to stop work at two mines operated by Mr Tarcar in south Goa.
One was operated by him through Power of Attorney to the family of mine owner Mr Haider Kasim Khan. Following a dispute between family members, the department ordered suspension of operations as per a lower court order.
In the second case, the family of Mr Janardan Neogi holding PoA had claimed that ore was extracted in excess of the amount specified in the environmental clearance norm issued by the Ministry of Environment and Forests.
Mr. Loliyekar said “In both cases, we will conduct a resurvey and verify the complaint of the family members and then decide whether to allow the mine to operate.”
The PAC report said Mr. Tarcar's mines had extracted ore in excess of the environmental clearance norm.
(sourced from thehindu)
The Goa Mines and Geology Department has ordered the suspension of two iron ore and bauxite mines which found mention for alleged illegality in the controversial Public Accounts Committee draft report.
Director of Mines Mr Arvind Loliyekar confirmed to The Hindu on Sunday that orders were issued to stop work at two mines operated by Mr Tarcar in south Goa.
One was operated by him through Power of Attorney to the family of mine owner Mr Haider Kasim Khan. Following a dispute between family members, the department ordered suspension of operations as per a lower court order.
In the second case, the family of Mr Janardan Neogi holding PoA had claimed that ore was extracted in excess of the amount specified in the environmental clearance norm issued by the Ministry of Environment and Forests.
Mr. Loliyekar said “In both cases, we will conduct a resurvey and verify the complaint of the family members and then decide whether to allow the mine to operate.”
The PAC report said Mr. Tarcar's mines had extracted ore in excess of the environmental clearance norm.
(sourced from thehindu)
Saturday, October 1, 2011
New mining bill to hit Coal India the hardest - Analysts
Saturday, 01 Oct 2011
Moneycontrol.com reported that the new Mining Bill cleared by the Indian union cabinet today could impact bottom lines of metal companies in India as these companies will now have to share 100% royalty with affected locals in the region, Coal India Limited’s profits could be dented at significant levels as coal miners will now compulsorily have to share 26% of its profit after taxes to the affected tribals.
If the bill is passed, an estimated amount of INR 10,000 crore will be generated per year from miners and an average amount of INR 180 crore to INR 200 crore will be distributed among District Mining Foundations of 60 mineral rich districts in India.
Analysts quickly did a preliminary analysis on the kind of impact it will have on miners and metal sector.
Mr Bhavesh Chauhan from Angel Broking told moneycontrol.com, “As per our estimates, the EPS of metal companies is expected to be lower by 8% to 13%, while for Coal India the EPS could potentially decline by 17%. But Coal India can do some damage control as it has the cushion to pass on the additional burden to its customers as its sells coal at a price lower than global benchmarks, but metal miners do not enjoy this privilege.”
Khandwala Securities said “We expect EPS of all integrated players in metal space which includes TATA Steel, SAIL, Sterlite, Hindustan Zinc and Hindalco to be impacted by 5% to 20% depending upon their mining integration. But Coal India is expected to be impacted majorly as it is already facing employee cost pressure of around 40% of its total revenues in FY11 and revision in wages in 12th plan will put further pressure on the company earnings. Going ahead, companies might hike prices.”
Edelweiss Securities said “Profits of non coal mining companies (including integrated metal/ cement companies) could be impacted to the tune of 3% to 16% with Hindustan Zinc being hit the most and JSW Steel the least.”
Mr Tarang Bhanushali of IIFL said “The move is all set to push down profits of major mining and power companies. Most of the coal companies will be going for a downgrade.” The EPS impact on Coal India would be around 13% to 14%.”
(sourced from moneycontrol)
Moneycontrol.com reported that the new Mining Bill cleared by the Indian union cabinet today could impact bottom lines of metal companies in India as these companies will now have to share 100% royalty with affected locals in the region, Coal India Limited’s profits could be dented at significant levels as coal miners will now compulsorily have to share 26% of its profit after taxes to the affected tribals.
If the bill is passed, an estimated amount of INR 10,000 crore will be generated per year from miners and an average amount of INR 180 crore to INR 200 crore will be distributed among District Mining Foundations of 60 mineral rich districts in India.
Analysts quickly did a preliminary analysis on the kind of impact it will have on miners and metal sector.
Mr Bhavesh Chauhan from Angel Broking told moneycontrol.com, “As per our estimates, the EPS of metal companies is expected to be lower by 8% to 13%, while for Coal India the EPS could potentially decline by 17%. But Coal India can do some damage control as it has the cushion to pass on the additional burden to its customers as its sells coal at a price lower than global benchmarks, but metal miners do not enjoy this privilege.”
Khandwala Securities said “We expect EPS of all integrated players in metal space which includes TATA Steel, SAIL, Sterlite, Hindustan Zinc and Hindalco to be impacted by 5% to 20% depending upon their mining integration. But Coal India is expected to be impacted majorly as it is already facing employee cost pressure of around 40% of its total revenues in FY11 and revision in wages in 12th plan will put further pressure on the company earnings. Going ahead, companies might hike prices.”
Edelweiss Securities said “Profits of non coal mining companies (including integrated metal/ cement companies) could be impacted to the tune of 3% to 16% with Hindustan Zinc being hit the most and JSW Steel the least.”
Mr Tarang Bhanushali of IIFL said “The move is all set to push down profits of major mining and power companies. Most of the coal companies will be going for a downgrade.” The EPS impact on Coal India would be around 13% to 14%.”
(sourced from moneycontrol)
Tuesday, August 16, 2011
Over 82000 illegal mining cases in 2010
Tuesday, 16 Aug 2011
Illegal mining activities witnessed a sharp spike in India during 2010, with 82,330 cases detected by law enforcement agencies during the year, almost double the 41,578 cases unearthed in 2009.
Mines Minister Mr Dinsha Patel informed the Rajya Sabha that the rate of illegal mining appears to be accelerating, as government agencies detected as many as 24,405 cases in the first three months (January to March) of 2011, almost 30% the number of such activities seen in the whole of 2010.
In his reply, Mr Patel said that in 2010, the highest number of illegal mining cases were reported in Maharashtra, at 34,384, which accounted for about 41.64% of the cases registered across the nation during the year. The number of cases detected in Maharashtra in 2010 was 4.14 times the number seen in 2009, when 8,270 cases were reported.
However, he did not specify the minerals for which large scale illegal mining activities were taking place.
Illegal mining activities in Karnataka, which is under the Supreme Court scanner, have risen by 2.93 times, with 4,949 cases reported in 2010, as against 1,687 such incidents in 2009.
Similarly, other mineral rich states like Andhra Pradesh and Chhattisgarh have also reported a huge rise in illegal mining cases, reporting 17,882 and 2,942 cases, respectively, in 2010. These are about 1.54 times and 2.72 times higher than the 2009 figures for the respective states.
Data provided in Mr Patel's reply showed that the above four states accounted for almost 73% of the illegal mining cases lodged in 2010, at 60,057.
It further said that illegal mining activities have been continuously rising and between January and March this year, with 10,349 cases detected in Maharashtra alone, about 30% of the total number of cases reported in 2010.
Moreover, Karnataka reported 1,263 illegal mining cases between January and March this year, 25% of the 2010 figure for the state.
Similar stories have been reported in Andhra Pradesh and Chhattisgarh, where 4,594 and 923 illegal mining cases were detected in the first three months of 2011.
(Sourced from ET)
Illegal mining activities witnessed a sharp spike in India during 2010, with 82,330 cases detected by law enforcement agencies during the year, almost double the 41,578 cases unearthed in 2009.
Mines Minister Mr Dinsha Patel informed the Rajya Sabha that the rate of illegal mining appears to be accelerating, as government agencies detected as many as 24,405 cases in the first three months (January to March) of 2011, almost 30% the number of such activities seen in the whole of 2010.
In his reply, Mr Patel said that in 2010, the highest number of illegal mining cases were reported in Maharashtra, at 34,384, which accounted for about 41.64% of the cases registered across the nation during the year. The number of cases detected in Maharashtra in 2010 was 4.14 times the number seen in 2009, when 8,270 cases were reported.
However, he did not specify the minerals for which large scale illegal mining activities were taking place.
Illegal mining activities in Karnataka, which is under the Supreme Court scanner, have risen by 2.93 times, with 4,949 cases reported in 2010, as against 1,687 such incidents in 2009.
Similarly, other mineral rich states like Andhra Pradesh and Chhattisgarh have also reported a huge rise in illegal mining cases, reporting 17,882 and 2,942 cases, respectively, in 2010. These are about 1.54 times and 2.72 times higher than the 2009 figures for the respective states.
Data provided in Mr Patel's reply showed that the above four states accounted for almost 73% of the illegal mining cases lodged in 2010, at 60,057.
It further said that illegal mining activities have been continuously rising and between January and March this year, with 10,349 cases detected in Maharashtra alone, about 30% of the total number of cases reported in 2010.
Moreover, Karnataka reported 1,263 illegal mining cases between January and March this year, 25% of the 2010 figure for the state.
Similar stories have been reported in Andhra Pradesh and Chhattisgarh, where 4,594 and 923 illegal mining cases were detected in the first three months of 2011.
(Sourced from ET)
Tuesday, January 25, 2011
Iron ore prices inching towards USD 200 mark
Tuesday, 25 Jan 2011
A fusillade of concurrent events keeps the fire in iron ore market unabated. The already outstretched supply has been scuttled by the Orissa government’s ban on 23 miners. The cargo movement is restricted from Orissa owing to road construction going on. With the supply from Australia being already tight owing to unabated torrential rains there is barely any respite for the buyers.And the final nail has been the hike ob USD 11 per tonne effective today for rail transport in India.Traders are making merry taking pot shots at every opportunity to hike prices as the on the eve of spring holidays as buying will be hamstrung. The buyers are eager to stockpile on the eve of holidays anticipating dearer purchase after words. Fe 63.5/63% has already breached USD 190 per tonne mark with a climb of 1% on the opening of week 3 and USD 200 per tonne is very visible very soon.
A fusillade of concurrent events keeps the fire in iron ore market unabated. The already outstretched supply has been scuttled by the Orissa government’s ban on 23 miners. The cargo movement is restricted from Orissa owing to road construction going on. With the supply from Australia being already tight owing to unabated torrential rains there is barely any respite for the buyers.And the final nail has been the hike ob USD 11 per tonne effective today for rail transport in India.Traders are making merry taking pot shots at every opportunity to hike prices as the on the eve of spring holidays as buying will be hamstrung. The buyers are eager to stockpile on the eve of holidays anticipating dearer purchase after words. Fe 63.5/63% has already breached USD 190 per tonne mark with a climb of 1% on the opening of week 3 and USD 200 per tonne is very visible very soon.
Grade | Change |
Fe 63.5/63% | 0.6% |
Fe 63.5/62.5% | 0.6% |
Fe 63/62 % | 1.2% |
Fe 62 / 61% | 1.3% |
Fe 61 / 60 % | 1.3% |
Fe 60/59 % | 2.1% |
Fe 59 / 58 % | 2.3% |
Fe 58 / 57% | 2.4% |
Fe 57/56 % | 2.6% |
Fe 56/55% | 1.9% |
Fe 55/54 % | 2.0% |
Fe 54/ 53 % | 2.2% |
Fe 53/52 % | 2.5% |
Fe 52/51 % | 1.4% |
Change is on Jan 24th as compared to 21st Jan 2011
According to latest report the inventory level at 19 ports among China surged to 80.9 million tonnes, first time to surpass the 80 million tonnes mark since 2007 and up 1.39 million tonnes compared to last week.
The accuracy and the speed of reporting changes is well appreciated by not only Indian miners, but by global iron ore majors as well as Chinese mills as many of them have subscribed to this service to maintain another but solid listening post as far as Indian spot market is concerned. Sourced:steelguru
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