Jharkhand gold mine to be auctioned on 26 October, Adani Enterprises and Rungta Mines in fray
ndia’s second gold mine auction in Jharkhand is set to take place on 26 October with four firms—Adani Enterprises Ltd, Rungta Mines Ltd, Maithan Ispat Ltd and Ramgad Minerals and Mining Ltd—qualifying for bidding, said a senior government official requesting anonymity.
The Pahadia block, spread across 272.651 hectare, contains gold and other minerals, according to the notice inviting tender (NIT) dated 16 August posted on the website of MSTC Ltd.
The state government had invited bids for auctioning the deposit under the composite licence route after few miners showed interest in the earlier bid called in January. A composite licence holder conducts the geophysical exploration of the area to find out the exact reserve of the mineral and starts mining later.
India’s mines ministry aims to raise the country’s annual mineral production by 21-22% till 2020 in order add one percentage point to the country’s gross domestic product.
After the Mines and Minerals (Development and Regulatory) Amendment Act, 2015 (MMDR) came into effect, 16 blocks have been auctioned across seven states fetching around Rs60,000 crore for state governments over a period of 50 years.
As reported by InfraCircle on 13 September, the state also plans to auction another gold deposit and has issued an NIT for grant of mining lease for Parasi block.
“The auction process for Parasi gold mine is also on and pre-bid conference is scheduled on 13 October,” said another government official who also did not want to be named.
The mineral resources available in the Pahadia block include 1.162 million tonne (MT) of gold ore, with 2.12 gram per tonne of the metal, besides 1.162 tonne of silver, 232.4 tonne of copper, 581 tonne of lead, 1,859 tonne of zinc, 2,905 tonne of nickel and 1.162 MT of quartz.
The state government of Jharkhand had earlier leased two limestone mines through e-auctioning under the MMDR and will become the second state to auction gold deposit after Chhattisgarh, which auctioned the country’s first gold mine, Baghmara, in February. The mine was won by Vedanta Ltd.
India has gold deposits spread across several states, including Chhattisgarh, Jharkhand, Madhya Pradesh, Rajasthan, Andhra Pradesh, Karnataka, Kerala and Tamil Nadu.
Queries emailed to the spokespersons of the Union ministry of mines, department of mines and geology-Jharkhand, Adani Enterprises, Maithan Ispat, Rungta Mines, and Raigad Minerals and Mining on 12 October remained unanswered.
Experts, however, think that initial estimates of mineral reserves in the block in not satisfactory.
“The grade present in the Pahadia gold mine is not that impressive. However, a better view will emerge after further exploration and that is the reason behind investor interest,” said Naresh Chandra Pant, professor at department of geology, University of Delhi.
According to the World Gold Council, a lobby group, India and China were most influential in driving gold jewellery demand during the period April-June, when demand for most countries remained subdued.
Coal India to go totally digital by December end
The government had launched the Digital India Programme last year with an aim to transform the country into a digitally-empowered knowledge economy.
State-owned CIL will go totally digital by the end of December. This follows the coal ministry earlier announcing that it has decided to move all papers and documents to digital format November 1 onwards.
“Consequent to the coal ministry going digital by October 16, Coal India Limited (CIL) to follow suit. To go totally digital by December 31, 2016,” Coal Secretary Anil Swarup said in a tweet.
The coal ministry had earlier announced that it had advanced the date for going totally digital from November 1 to October 16, a move aimed at bringing in more efficiency and transparency.
The coal ministry wants other ministries to do away with physical files and move them to electronic format, adding that it will help ministries exchange papers and documents electronically.
Among others, the HRD ministry had said it was working to ensure degrees and certificates are given to students in digital format from the 2017 academic session onwards.
According to HRD Minister Prakash Javadekar, the government wants to make the whole apparatus digital. Besides receiving certificates digitally, students will also be able to upload their other certificates and awards in digital form, he had said.
The government had launched the Digital India Programme last year with an aim to transform the country into a digitally-empowered knowledge economy.
http://indianexpress.com/article/india/india-news-india/coal-india-to-go-totally-digital-by-december-end/
BRICS investment project: members signs a MoU in the mining sector
SUN Gold Limited (“SUN Gold”), China National Gold Group Corporation (“China National Gold” or “CG”), the Russian Sovereign Investment Fund, “Far East and Baikal Region Development Fund (FEDF), and partners from Brazil and South Africa Sunday announced that they have signed a Memorandum of Understanding (“BRICS Gold MOU”) on the sidelines of the BRICS Summit to develop the Kluchevskoyegold deposit located in the Chita region of Russia in Eastern Siberia.
The project, in the mining sector, is the first BRICS investment project.
Representatives of all five BRICS countries are parties to this BRICS Gold MOU -- Nand Khemka, Chairman of the Indian Khemka family owned SUN Group, Tong Junhu representing China National Gold, Alexey Chekunkov representing the Russian Far East and Baikal Region Development Fund (FEDF), Ivor Ichikowitz from South Africa’s Trans AFRICA Capital, and investor Antonio de Moraes from Brazil.
According to the feasibility study completed by Changchun Gold Design Institute, the proposed joint venture aims to develop the Kluchevskoye gold deposit into a significant open pit mine and heap leach operation with an expected production rate of 12 million tonnes of ore per year and gold doré production of over 6.5 tonnes per annum. The pre-production investment is expected to be $ 400-500 million.
Subject to all applicable Russian law requirements having been met, China National Gold will be the major shareholder with majority equity interest in the joint venture company, will provide management and development expertise, and will have responsibility for raising long-term favorable debt financing for the project. SUN Group has considerable long-term expertise working in Russia, while the FEDF will be an importantshareholder in the joint venture company, acting within its mandate, to help support the project’s growth, with a particular focus on gold and copper mining opportunities in the Russian Far East.
Using the joint venture parties’ combined expertise, the project will be developed in accordance with best international practices in engineering, environmental, governance and community standards. It will utilize innovative technologies, and create substantial local employment and skill transfer.
The project will provide material benefit to the local and national economies over its lifetime in terms of industrial development, development of the supply chain, employment and payment of taxes and royalties.
This historic first mining project involving participants from all five BRICS countries can act as a roadmap for future cooperation within BRICS, drawing on the strengths of all members to execute challenging and mutually beneficial projects in each other’s countries and around the world.
Subject to the approval of the regulatory authorities in the People's Republic of China and the Russian Federation (and other approvals as may be required), the parties intend to work together and implement the proposed joint venture at the earliest opportunity.
“I am delighted to be part of this pioneering BRICS opportunity and to make my first foray into Russia with reliable world class partners," said Antonio de Moraes from Brazil on the occasion.
“We welcome the joint effort undertaken by all of the BRICS nations to bring a new world class gold mine in the Far East of Russia into production. This is a fine example of multilateral cooperation to the benefit of all and we as a State-mandated Fund will do our best to support the project to successful completion,” according to Alexei Chekunkov CEO FEDF from Russia.
"We are delighted that SUN Group has managed to bring together world class strategic partners and investors for this historic first BRICS investment project in the Gold sector. We are grateful to President Putin, leaders of the Russian government, and the regional Chita Government for creating a favorable investment climate for us. We look forward to a very successful long term partnership, expanding the traditional strong friendship between Russia and India to the other BRICS partners," remarked Nand Khemka
"The Eastern region of Russia including Chita and the Far Eastern regions, offer tremendous opportunities for investment and growth and we believe that this BRICS Gold investment platform can grow to be one of the leading Gold companies in that part of the world with the support and complementary strengths of all partners," according to Shiv Khemka SUN Gold
“China Gold is proud to announce that we will take lead in the initiative of collaboratively developing the first gold mining project under the BRICS mechanism. We will contribute with our technical and managerial expertise and financing capacity to create value for all our BRICS partners and stakeholders noted Tong Junhu.
“I am honoured to be part of this first-ever, major industrial initiative bringing together our BRICS countries in a new partnership that will create economic benefits for the people of all five member states. This is an important step in the evolution of BRICS, and a concrete example of what our countries can achieve by pooling our resources and working together. We are proud to have the support of our respective Governments, and have all committed ourselves to the success of this huge project.As the South African partner, I salute my fellow participants, and wish to congratulate our Governments for making this achievement possible,” according to Ivor Ichikowitz, Chairman of Trans AFRICA Capital.
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