Steel and sponge iron makers of Karnataka alleged that NMDC was not producing iron ore at the permitted levels of 12 million tonne per annum and it was operating at less than half the threshold. Sponge iron and steel companies are facing severe shortage of iron ore because of ban on iron ore mining in Karnataka. These companies largely stayed away from the two recen
Tag: production
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Iron ore issue hits steel firms
Steel makers in the country are complaining about lack of sufficient supply of iron ore, the key raw material for steel production, and also the increase in price by NMDC. Media reports suggest that steel firms are reducing their scale of operation and hence their capacity utilisation has declined because of shortage of iron ore. These firms
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Nalco to seek temporary permit for bauxite mining
Ansuman Das, Chairman and Managing Director of National Aluminium Co (NALCO) said the firm would
apply for a temporary permit to resume bauxite mining
at Panchpatmali mine in the Koraput district of Odisha. The mining lease expired recently and following this the firm suspended operations at the mine in eastern India, which is its only bauxite mine
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OVL aims to raise output
In an interview to a leading media, a top official of
ONGC Videsh (OVL) informed that the firm aims to produce 20 million tonne of oil and gas by 2017-18 and 60 million tonne by 2030. If the company achieves this target, its contribution would be 46 percent of ONGC group production by 2030, against existing 15 percent, the official is quoted as sa
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RIL bats for linking gas price to market
In order to encourage firms to produce natural gas from technologically challenging ultra deepsea, Reliance Industries (RIL) requested a committee headed by C Rangarajan to propose market-linked pricing.C Rangarajan, who is the Chairman of Prime Ministers' Economic Advisory Council, is heading a committee that is formed to examine terms of future contracts for explo
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CAG warns ministry against clearing RIL plan
In a letter to the union petroleum ministry, the Comptroller and Auditor General of India (CAG) warned that any increase in capital expenditure by Reliance Industries (RIL) in its KG-D6 basin may have significant adverse impact on government's financial interests. Therefore, the CAG advised the ministry not to permit any investment plan by the company in the gas field unless RIL allows CAG unfettered access to audit its spen
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CAG insists on its right to vet contractors’ documents
Comptroller and Auditor General (CAG) has asked oil ministry to ‘specifically incorporate’ its right to audit contractor(s) relevant documents of contractors in the future production sharing contracts (PSC).In a letter to Petroleum Secretary, the CAG’s Director General (Commercial) II, P Sesh Kumar said the government auditor must have access to the books, accounts, records, documents and financial statements of co
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KPMG to work on pricing plan for NMDC
Consulting firm KPMG would work on the pricing mechanism for iron ore supplied by NMDC to steel companies in the country. The country's largest iron-ore producer has hired KPMG to devise a pricing mechanism following complaints by steel companies that NMDC is overcharging them. Media reports suggest that the new pricing mechanism may be implemented
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High cost causes Tata Steel to post consolidated loss
For the quarter ending September 2012, the Tata Steel posted a consolidated net loss of Rs 363.9 crore
compared to a net profit of Rs 212 crore for the year-ago period. The company attributed losses to lower steel prices and higher raw material costs, coupled with the poor performance of its Europe division, Tata Steel Europe, whic
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Roskill sees ore prices above $120 till 2014
London based metals and minerals research house Roskill Information Services expects prices to remain above $120 per tonne for 63.5 percent Fe content India