Analysts expect the operation cost of JSW Steel to have remained under pressure in Oct-Dec 2012 as it is forced to source raw material at higher cost on the back of iron ore shortage and mining ban in Goa and Karnataka. Analysts also expect the company to suffer from weak pricing power owing to subdued demand in Oct-Nov and this they expect to show up in its earnings for Oct-Dec 2012
Tag: Mining
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NMDC plans to ramp up ouput
During Jan-Mar 2013, NMDC plans to increase its iron ore production in order to make for the shortage of output in the Apr-Dec 2012 period. Between Apr-Dec 2012, the firm produced 175.56 lakh tonne, which is down from 202.79 lakh tonne a year ago.
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MPT loses iron ore cargo
Reports suggest that the Mormugao Port Trust (MPT), which is losing considerable cargo traffic in recent months, requested the central government for help to tide over the crisis. The port has been losing iron ore export traffic following a court order banning iron ore mining in Goa. Export of iron ore and pellets account for nearly 80 percent the portÂ’s total traffic
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Coal ministry justifies allocation of blocks to captive miners
Union coal ministry justified the allocation of coal blocks to private captive coal miners on grounds that Coal India and other public sector agencies could not meet the demands from private power generators. Therefore, the government had no alternative but to allot captive coal blocks "if it wanted to ensure spee
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Mining, quarrying sector contracts 5.5% in Nov
Output in the mining and quarrying sector declined 5.5 per cent during November 2012 as compared to the corresponding month of previous year, an official statement from Mines Ministry said. On a sequential basis, the output contracted 0.7 per cent in November 2012 to Rs 17,004 crore in value terms, mainly on account of less output of iron ore, natural gas and
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Apex court to hear PIL against export of ore
On February 15, the Supreme Court would conduct another hearing on the public interest litigation filed by an NGO Goa Foundation alleging the state government of allowing export of iron ore without verifying the correctness of the statement made by the exporter. In its recent hearing, the apex court issued notices to the centre and the Goa government on a plea. The NGO argues that the state government violated the orde
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ASSOCHAM warns against cut in export duty on ore
ASSOCHAM warned the government against reducing the export duty on iron ore as the industry body feels that such an action would encourage export and deprive the domestic steel firms of the crucial raw material. The warning from the industry body comes amidst demand from a section of the mining industry to review its e
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China depends less on India for iron ore
China's dependence on India for iron ore has been declining in recent years. The ban on mining in Karnataka and Goa have exacerbated the decline of iron ore export from India to China. Following this, China started relying more and more on South Africa and Australia for ore supply. In 2012, South Africa overtook India to become China's third-bigg
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SAIL-led consortium to meet Afghan officials
The Indian consortium, that won the bid to mine iron ore reserves in Hajigak near Kabul in Afghanistan over one year ago, would meet officials of mining ministry in the country in a month's time. Although the consortium bagged the mining asset over a year ago, it has not signed a mining contract with the Afghan government because of contentious
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Prime Minerals exports 72,892 t ore to China
Recently, around 72,892 tonne of iron ore fines mined in Maharashtra was exported to China from a port in Goa by Prime Minerals Exports. Reports suggest that this is the first shipment of iron ore to China from India since a ban on mining in Goa took effect in October 2012. In October last year, Supreme Court banned mining in Goa after allegations of illegal mining from a federal gove