The Essar Group has achieved financial closure for the $1.8 billion Minnesota Mining project making some headway six years after the asset was acquired. The group has raised $450 million from a clutch of New York based funds to fund the expansion of the mine.
Tag: Mine
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Morgan Stanley to help Adani
Adani Group has appointed Morgan Stanley to advise on the possible sale of a stake in its Abbot Point coal port in Australia, as it looks to raise funds to help finance a A$7 billion ($6.2 billion) mine, rail and port project.
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KIOCL wants govt to clear mining lease applications
Malay Chatterjee, Chairman and Managing Director of KIOCL informed media persons that the Karnataka government was yet to provide clearance for the firm's over 20 applications for mining lease. For more than seven years, the Karnataka-based central public sector mining firm has been out of job with out any captive mines
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RINL to invest Rs 25 bn on iron ore project
State-run steel maker RINL plans to set up an iron ore beneficiation plant and a 2 million tonne pellet plant in Bhilwara, Rajasthan at a cost of Rs 2,500 crore. Through the proposed beneficiation plant, the company would make value addition of the iron ore mined from the block awarded to it by the Rajasthan government recently at Bhilwara. The value added output would be used at RINL's Vizag steel plant
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SAIL seeks ore mining lease in 140 hectare area
In order to secure raw material for its Visvesvaraya Iron and Steel Plant at Bhadravathi, state-run steel maker SAIL wants to mine the 140 hectare of area in North-Eastern Block range in Bellary, Karnataka. The largest steel producer of the country has reportedly requested Karnataka government to fast-track the process of granting iron ore mining lease for the area. The company is said to consume more iron ore following the completion of the ongoing expansion
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Consortium may finish prospecting work in 18 months
The prospecting work on the three iron ore blocks in Afghanistan's remote Hajigak region may be over within 18 months from the date of commencement of the job in the area. The Afghanistan Iron & Steel Company (Afisco), a consortium of Indian steel companies led by Steel Authority of India (SAIL), secured the contract to mine the block from the national government last year
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RINL seeks ore mine for proposed steel project
Jharkhand government received a request from the state-run Rashtriya Ispat Nigam (RINL) for allocating the over 2,600 acre Ghatkuri iron ore mine, located at the West Singhbhum district. The company wants the mine, which is estimated to have 600 million tonne reserves, for its proposed 3 million tonne per annum (mn tpa) steel plant
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OMDC awaits govt nod for mining operation
Orissa Minerals Development Company (OMDC) is awaiting approval from the Odisha government to start mining from its Kolha Roida iron ore mine. It is learnt that the mine is cleared of all litigation and given all approvals, so now it is left to the state government to allow it to start operations. Kolha Roida is on
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Tata Steel hopes to get temporary work permit soon
Tata Steel hopes to get the temporary working permit soon to resume mining at the chromite mine in Sukinda, Odisha. The company had to halt mining at the mine as its lease validity, which was valid for 20 years, expired on January 11. The mine has the capacity to produce 2.4 millio
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NMDC to acquire coal mine
NMDC's has moved closer in its bid to acquire a coal mine in the US which will feed its proposed steel plants in India.
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