Sesa Sterlite Ltd, India's leading iron ore exporter until it was banned from mining in Goa around months back, is now planning to cut jobs to cope with escalating costs.
The miner on Tuesday announced that it might have to eliminate 40 per cent of its workforce or 1,000 of its 2,500 workers, if the court put a limit on the amount of ore it can mine in the state.
Prasun Kumar Mukherjee, executive director for iron ore business at Sesa Sterlite Ltd, confirmed that the company was looking critically at all fixed costs and planning to layoff nearly one thousand workers.
Millions tonnes of excavated iron ore that has been lying unused in Goa for around a year can finally be e-auctioned, thanks to a recent ruling by the Supreme Court of India.
The apex court on Monday allowed e-auctioning of 11.5 million tonnes of iron ore, lifting the prohibition on mining, transportation and export of iron ore. The apex court has ordered the ban on October 5, 2012, following a report of irregularities by a commission headed by Justice MB Shah.
Mining conglomerate Vedanta Resources moved a step closer towards its goal to acquire the Indian Government’s minority stakes in two of its subsidiaries after its shareholders approved the proposals.
London-listed Vedanta has plans to raise offers to acquire Indian Government’s remaining stakes in Hindustan Zinc Ltd and Bharat Aluminium Co (Balco) for US$2.94 billion and US$338 million, respectively.
Coal India Ltd (CIL) Chairman Narsing Rao argued that the miner's coal reserves would not get depleted within the coming 17 years as predicted by Greenpeace.
Greenpeace, the renowned green activist body, on Monday predicted that CIL's slightly more than 18 billion tones of extractable coal reserves would likely come to an end in 17 years from now.
Disapproving green activist body's estimates, Mr. Rao added that the miner's reserves would increase to 25 billion tonnes in three years.
Coal India Ltd (CIL) shares slipped as much as 2.6 per cent to a record low in early trade on Monday, after the state-owned miner reported earnings that lagged expectations.
CIL on Saturday said that its net profit for the April to June quarter slipped to Rs 3,731 core. Net sales slipped marginally from Rs 16,500 crore in the first quarter of FY2012-13 to Rs 16,472 crore in the same quarter of current financial year.
Coal India Ltd (CIL), the world's largest coal producer, on Monday reported better-than-expected results for the fourth-quarter 2012/13, thanks to higher-than-expected sales volumes and lower costs.
The government-run miner announced that its net profit jumped to Rs 5,414 crore in the January-March quarter, from Rs 4,013 crore in the corresponding period of the previous fiscal.
Net sales jumped 2.5 per cent year-on-year to Rs 19,905 crore, while sales volumes grew to 130 million tones.
The east and west divide in the coal industry of the United States has widened a lot over the last decade.
While coal miners in the eastern part of the U. S. have suffered a huge decline in output, mainly due to falling domestic coal combustion; miners west of the Mississippi have so far been successful in largely maintaining output.
As per the U. S. Energy Information Administration’s estimates, coal miners in the country mined nearly 1,016 million tones of the fuel during the last year, down just over 7 per cent from 1,094 million tones in 2002.
NTPC Ltd, India's biggest power producer, has declared that that it would not sign fuel supply agreements (FSAs) with Coal India Ltd (CIL) until the coal miner promises to ensure a minimum calorific value coal.
CIL is being pushed by the Prime Minister's Office to sign FSAs with bulk consumers to ensure supply of a minimum threshold of coal, but companies like NTPC have long been complaining that CIL supply poor quality coal, which is often full of stones and boulders.
State-run Coal India Ltd (CIL), the world's biggest coal miner by output, failed to meet its supply target for the financial year 2012-13 by 4.8 million tones.
In a statement released on Monday, CIL said that it could supply only 465.2 million tonnes of coal in 2012-13, falling short of its target of 470 million tonnes.
In February this year, the company had announced that it was on track to meet its supply target for the year under review.
The coal miner also failed to meet its production target of 464.1 million tonnes for 2012-13 by 11.9 million tones.