Mineral block auctions to yield Rs 59,639 crore revenue
Auctions of 17 mineral blocks across seven states would yield a total revenue of Rs 59,639 crore for the whole lease period.
As per the estimates of the Union Mines ministry, these blocks, after auctions, have already fetched incremental revenue of Rs 47,551 crore. Until the end of November this year, the 17 mineral blocks have gone under the hammer in Andhra Pradesh, Karnataka, Jharkhand, Madhya Pradesh, Rajasthan, Odisha and Chhattisgarh.
Auctions of mineral blocks have kicked off under the amended Mines and Minerals (Development and Regulation) (MMDR) Act, doing away with the practice of discretionary allotments.
A report on achievements of the mining sector by the ministry and the Department of Industrial Policy & Promotion (DIPP) says major policy interventions to promote exploration and enhance private sector participation has aided in mining sector's growth. Mineral production logged 9% growth in FY16, helped by increased production of iron ore (25.85%) and chromite (25.9%). Exports of iron ore and concentrates of copper and chrome also rose significantly last financial year.
The amended MMDR Act has established the National Mineral Exploration Trust (NMET) wherein leaseholders are needed to contribute a sum equivalent to 2% of the royalty to the NMET. Under NMET, Rs 201 crore has been deposited at the end of May 2016. The Centre has approved 13 mineral exploration projects in the states of Madhya Pradesh, Odisha, Maharashtra, Chhattisgarh, Karnataka and Jharkhand.
The Centre has rolled out many fiscal incentives for the mining sector — waiver of 30% export duty on low-grade iron ore fines and lumps, cutting export duty on bauxite from 20% to 15%, doing away with export duty on iron ore pellets and reducing export duty to Japan and South Korea on iron ore of NMDC origin from 30% to 10%.
The report states FDI inflows to mining sector between April 2014 to March 2016 zoomed 1606% to $1.2 billion compared with $70.62 million recorded during April 2012 to March 2014. Major FDI inflows have come from Sesa Sterlite, Essel Mining & Industries Ltd, Rio Tinto Exploration India Ltd and Thiess Minecs India Pvt Ltd.
http://www.business-standard.com/article/economy-policy/mineral-block-auctions-to-yield-rs-59-639-crore-revenue-116122100596_1.html
China iron ore, steel resume decline as smog spurs caution
Chinese steel and iron ore futures skidded on Thursday as a smog that engulfed northern cities of the country this week slowed trading activity.
The smog has thinned in some parts including in the port city of Tianjin, but traders say many steel mills exercised caution on worries that air pollution may worsen again in the next few days.
The most-active rebar on the Shanghai Futures Exchange was down 2.4 percent at 3,083 yuan ($444) a tonne by midday break.
On the Dalian Commodity Exchange, iron ore dropped 1.7 percent to 558 yuan a tonne.
Both commodities have lost at least 13 percent since hitting nearly three-year highs last week. They gained marginally on Wednesday after a five-day slide.
Some mills were starting to purchase iron ore again with the smog easing on Thursday, but they are still cautious about the weather, said a trader based in Tianjin.
"If this weekend the smog returns then mills will stop or limit production again," he said.
Blue skies returned to Beijing on Thursday after winds dispelled dangerously high levels of air pollution that had blanketed the Chinese capital for five days prompting a pollution red alert, but large parts of northern China remain under choking smog.
The Air Quality Index in Beijing spiked to more than 400 overnight, but by morning had dropped to about 50.
Iron ore for delivery to China's Qingdao port .IO62-CNO=MB slipped 0.5 percent to $79.19 a tonne on Wednesday, according to Metal Bulletin, falling for a fourth straight day.
"Due to the air pollution in northern China, deliveries from northern mills to eastern China decreased sharply," Metal Bulletin said in a note. ($1 = 6.9466 Chinese yuan) (
http://in.reuters.com/article/asia-ironore-idINL4N1EH1SW
Mining baron Shekhar Reddy arrested following IT raids; 127 Kg gold, Rs 131 cr cash seized
In a major impact of the demonetisation policy, since its implementation on November 8, Tamil Nadu sand mining baron, Shekar Reddy, had been arrested following massive seizure after the Income Tax department raided his premises. Following the raid the IT department had seized currency notes worth Rs 131 crore, including Rs 34 crore of new notes and 127 kg gold from the TN businessman.
Earlier, on December 11, the IT department had raided the premises of Reddy, following which he was expelled as a member of the Tirumala Tirupati Devasthana. Reddy’s firm, JSR Infra Developers is ranked as a Class One Contractor, which facilitates it to take up big infrastructural projects.
Charge sheet filed in four granite cases
Madurai Rural police on Wednesday filed charge sheets against three granite companies, including PRP Granites, in connection with theft of granite and causing loss to the tune of Rs. 1365.96 crore to the State exchequer.
With these four cases, the district police has so far filed charge sheets in 62 out of the total 98 granite cases.
Huge bundles of papers running into 3,633 pages were filed by different Investigation Officers, after being approved by Special Public Prosecutor, R. Sheela, before the Judicial Magistrate, Selvakumar.
The first case was against Madura Granites for swindling granites in Keelaiyur, Parai Poromboke and Chettikulam to the tune of Rs. 277.84 crore. The case was registered in 2012. Deputy Superintendent of Police, District Crime Records Bureau, Soorya Moorthi, filed the charge sheet. The case was against C. Panner Mohammed and 20 others.
The second case was about cheating the State Government of Rs. 17.68 crore by mining granite in Parai Poromboke in Tiruvathavur by C. Panner Mohammed and 19 others.
In the chargesheet filed against PRP Granite, P. Palanichamy and 21 others, the police charged that the company had caused loss to the tune of Rs. 662.78 crore by mining in Thindiyur tank. The charge sheet ran to 2,738 pages as it included documents pertaining to exports and income tax details.
The fourth case was against P. Rajasekaran and six others for mining in Idayapatti Oorani poromboke and causing a loss of Rs. 407.66 crore.
Warm Regards
Anurag Singal
Sr Manager –Business Development
Essel Mining & Industries Ltd
14th Floor, Industry House
10,Camac Street –Kol-71
Ph: 033-30518415,9088026252
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