India is planning to revive a cluster of colonial-era gold mines – shut for 15 years but with an estimated $2.1 billion worth of deposits left – as the world’s second-largest importer of the metal looks for ways to cut its trade deficit, officials said.
Japan’s coal imports for power generation fell in 2016 from four years of successive record highs and liquefied natural gas (LNG) purchases dropped for a second year as an energy crisis brought on by the 2011 Fukushima disaster eased, official data showed.
Vedanta Resources Plc, the London-based mining and metals company of billionaire Anil Agarwal, has raised $1 billion by selling bonds to refinance its near-term debt obligations.
Chinese-owned Yancoal’s $2.45 billion purchase of the Coal & Allied division of Rio Tinto is setting the stage for more big-ticket coal mining acquisitions in Australia, where more than $10 billion in assets are waiting to be sold.
Coal IndiaBSE 0.15 % is planning to offer its e-auction buyers an option to lift the purchased coal any time in the next three years. According to the company, the move will not only increase sales but also cut inventory costs of its customers.
Coal India (CIL)’s supply to the power sector has dropped by 3.6 percent during the period between April and December 2016.
Union minister Piyush Goyal on Monday said India’s energy demand would quadruple in the next couple of decades and exhorted stakeholders in the power sector to make electricity cheaper for the common man.
The government is considering capping the amount of coal blocks that a company can hold. The clause is part of the draft coal block allocation guidelines issued for public comments by the coal ministry and would apply to mines other than the 204 blocks that were canceled by the Supreme Court in October 2014.
In what could be a bonanza for states with mineral reserves, mines secretary Balvinder Kumar said on Friday that in 2017-18, states can auction up to 250 mineral blocks whose mining leases have lapsed due to regulatory hurdles. He said 21 mineral blocks have gone under the hammer fetching Rs 73,359.4 crore to the states.
Amid soft demand for coal, state-owned Coal India Ltd (CIL) will hold long-term special forward auction for power producers with flexible lifting period of up to 3 years