Offshore mining crucial for India's future, says Mines Secretary
The event brought together top officials including Dr. M. Ravichandran, Secretary of the Ministry of Earth Sciences, and Sanjay Lohiya, Additional Secretary of the Ministry of Mines.
The event brought together top officials including Dr. M. Ravichandran, Secretary of the Ministry of Earth Sciences, and Sanjay Lohiya, Additional Secretary of the Ministry of Mines.
On a consolidated basis, the group's PAT increased by 31 per cent, amounting to ₹1,868 crore, while the PBT improved by 40 per cent to ₹2,882 crore.
The Indian mines ministry is also encouraging other state-owned companies, such as ONGC Videsh, to scout for critical minerals overseas, Rao told reporters at the sidelines of an industry conference in New Delhi.
Coal's share, including lignite, in India's total power generation capacity dropped below 50 percent for the first time since the 1960s.
Think of any indispensable product / service that you use today in the world of information, data and images, it certainly contains, or requires tools, equipment or products made up of the minerals and the base metals (Copper, Zinc, lead, Nickel, cadmium, cobalt etc.) that mining industry provides.
Anglo's hand was forced by BHP's bid - which it has twice rejected - but the move also responds to pressure from shareholders to shed less profitable businesses and focus on the copper assets that are the envy of the industry.
The probe started only after the MMTC suffered a jolt in the Supreme Court, which had ordered an arbitration case in favour of the Australian company. The MMTC had to deposit Rs 1,088 crore in the Delhi High Court.
"The expectation of rising supply from the Shanxi province pushed coking coal prices down," said Cheng Peng, a Beijing-based analyst at Sinosteel Futures.
After rejecting an improved takeover offer worth £34 billion ($43 billion) from BHP, which had hoped to create a copper titan, Anglo said it was accelerating plans to simplify the group and reward shareholders in a "radical" revamp.
BHP's offer, which proposed Anglo American hiving off its platinum and iron ore production activities in South Africa, has caused a stir in the country just before the tightest general election in decades.
The Supreme Court had earlier granted interim protection from arrest to Majhi on condition that he would cooperate in the investigation.