IRON and STEEL   MINERALS   Iron Ore  

India eases regulation for new iron ore leases

India has amended the federal mining law to allow for the seamless transfer of regulatory approvals to new owners of operational iron ore mines, as leases of 36 such mines are set to expire on 31 March and be auctioned off.

The amended law will accelerate the process of starting up these mines under new owners and ease concerns of an iron ore supply crunch for steel and iron ore pellet producers from April. A quicker resumption of the new mines will pressure domestic iron ore prices and reduce the need to import iron ore to maintain steel operations.

The government estimates that 60mn t of annual iron ore output will be affected by the expiry of the leases.

An ordinance has been issued by the federal cabinet to allow 20 regulatory clearances, including environmental clearance and approval of the mining plan, to pass from the former leaseholders to the new owners, coal minister Pralhad Joshi said. Normally, such clearances would have taken up to two years, he added.

For the ordinance to become a law, it will require approval by both houses of India's parliaments when it convenes later this month.

There are 15 iron ore leases with total production of 54mn t that are being auctioned in India's largest iron ore producing state of Odisha. Technical bids for these leases were scrutinised on 4 January.

Major steel and mining companies such as Vedanta, JSW Steel, Tata Steel, Jindal Steel and AMNS India (formerly Essar Steel) are participating in these auctions.

Indian steel producers have accelerated iron ore stockpiling in anticipation of a supply crunch from April if auctions of expiring leases are not concluded in time.

By Prasenjit Bhattacharya

News No: 8264
Date: 2020/01/09 - 17:02
News Source: Argus Media

iron ore  mining  JSW Steel  Tata Steel  Jindal Steel 


Leave a Comment:


Bank loans to economic sectors up 50% in a quarter on year

Iranian banking system has paid 2.247 quadrillion rials (about $53.5 billion) of facilities to domestic economic sectors during the first quarter of the current Iranian calendar year (March 20-June 20), which was 50.5 percent more than the figure of the first quarter of the previous year.

Over $595m of bonds issued by industry, mining sectors since Mar. 20

Director General of the Investment and Financing Office of Iran’s Industry, Mining and Trade Ministry said 25 trillion rials (about $595.2 million) of bonds have been issued through industry and mining sectors since the beginning of the current Iranian calendar year (March 20).

Less than 20% progress posted for 69% of underway industrial, mining projects

The latest data published by the Iranian Industry, Mining and Trade Ministry show that 69 percent of the semi-finished industrial, mining, or trade projects across the country reported less than 20 percent of physical progress by the end of the previous Iranian calendar year (March 19).

GSI plans a two-fold rise in mining exploration operations by Mar. 2021

Head of Geological Survey and Mineral Explorations of Iran (GSI) said mining explorations are going to increase by 100 percent in the current Iranian calendar year (ends in March 2021), IRNA reported.

Mining companies' sales through stock market up 55% in 2 months

The total sales of large mining companies through the stock market has increased by 55 percent in the first two months of the current Iranian calendar year (March 20-May 20), year on year, Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) announced.

Industry, mining, trade projects worth over $5.4b inaugurated in 2 months

Some 196 industrial, mining and trade projects worth 230 trillion rials (about $5.48b) went operational throughout the country since the beginning of the current Iranian calendar year (March 20) up to June 16.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners