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Ship carrying iron ore sinks off Orissa

September 12, 2009 By admin Leave a Comment

Paradip (Orissa), Sep 11 (ANI): A cargo ship carrying around 25,000 tonnes of iron ore to China capsized off Orissa coast.

MV ‘Black Rose,’ a vessel operating under the Mongolian flag, capsized 5-6 km off the harbour after it had loaded iron ore from Paradip port.

The vessel tilted after a technical snag, and later sunk.

Indian Coast Guard and port authorities rescued 26 crew members while a Russian was still missing.

“The ship MV Black Rose had sunk off Paradip with 27 crew members on board. Twenty-six crewmembers were recovered by the port trust and the Indian coast guard ship also sailed after receiving information. The port trust has coordinated very well. One of the crewmembers is missing, ” said V.K. Verghese, a Commandant of the coastguard.

The rescued crew comprises of 17 Bangladeshis, seven Ukrainians and two Russians. (ANI)

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Newspapers, other media lead entrepreneurs astray

August 27, 2009 By admin Leave a Comment

Washington, Aug 27 (ANI): Entrepreneurs should remain wary of what they read in newspapers and other written sources, for they might lead them off track, according to University of California researchers.

Dr. Susan Glover said that public information from both informal and written sources, like newspapers, lead entrepreneurs astray.

In a study Glover took as an example how newspaper propaganda shaped the ore foraging strategies of the late nineteenth century Colorado silver prospectors.

She said that it is still not clear why individuals would allow questionable information from the media to dictate their economic strategies.

Still, she said that it was not uncommon for investors to be overenthusiastic during mass economic events, including the dot.com boom and the recent economic crisis.

She used the Colorado silver rush as a case study to investigate the role of the media and public information in shaping economic strategies, by comparing actual and optimal foraging behaviors (known as central place foraging, or CPF, behaviours) – in this case, of silver prospectors in Gothic, Colorado.

Central Place Foraging (CPF) models are designed to investigate optimal foraging strategies of individuals.

The data was gathered from the newspapers of the time, since the information in them is a “fossilized” version of what the public would have known from more informal sources, such as saloons.

She found that the information in the local newspapers exaggerated ore concentrations and led prospectors to underestimate the actual risk and investment of time and energy they were taking.

As the “payoff” was not worth the risk, (part of which was the distance from the town to the mines – not CPF behavior) prospectors ended up over-risking their investment.

The case showed that while the media can exploit the public by appearing to supply accurate information, the media themselves are being misled.

The study also teaches that in an environment where decisions are based on information provided (and presumably manipulated) by others, risk management is practically impossible and has a high potential for failure.

A very extreme case of this is the recent global financial crisis – individuals were underestimating their economic risk (subprime mortgages) based on what media and economic specialists were reporting.

And based on the CPF model, they wandered very far away from their home base with the false hope of a bigger payoff or a better life.

The study was published online in Springer’s journal Human Ecology. (ANI)

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Maoists blow up railway station in Orissa

August 25, 2009 By admin Leave a Comment

Sundargarh (Orissa), Aug 25 (ANI): Maoists blew up a railway station and abducted three railway employees in Orissa’s Sundargarh district on Tuesday morning.

According to the police, about 20 left-wing ultras blew up Roxy railway station, located in a remote area under K Bolang police station and triggered the explosion after asking the employees to move out.

The rebels also set ablaze about 15 heavy vehicles parked near the railway station.

The station is used for transporting iron ore to the Rourkela Steel Plant (RSP).

Tension prevailed among the people in the entire district after the attack.

Maoists have also called a two-day strike in five states-Jharkhand, Orissa, Bihar, West Bengal and Chhattisgarh-to protest against the alleged arrest of two senior members of the CPI Maoist. (ANI)

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China charges Rio Tinto Australia executive of commercial bribery

August 12, 2009 By admin Leave a Comment

Beijing, Aug.12 (ANI): Chinese prosecutors have charged Australian executive Stern Hu with commercial bribery, which means he could be facing up to seven years jail if found guilty by Beijing.

China’s official news agency Xinhua said Hu and three Rio Tinto Chinese colleagues were charged late on Tuesday, six days after being detained in Shanghai.

According to the Xinhua website, prosecutors had approved the arrest of the four Rio Tinto workers, citing a statement by China’s Supreme People’s Procuratorate issued late yesterday.

According to the news.com.au web site, preliminary investigations have shown that the four employees, Stern Hu, Liu Caikui, Ge Minqiang and Wang Yong, had obtained commercial secrets of China’s steel and iron industry through improper means, which had violated the country’s criminal law.

Prosecutors had also found evidence to prove that they were involved in commercial bribery, it reported.

The Federal Government has indicated that charges against Hu have been downgraded from earlier claims that he had stolen state secrets.

The Department of Foreign Affairs and Trade (DFAT) confirmed today that Beijing had informed the Australian Consulate-General in Shanghai late yesterday of the charges against the Rio Tinto executive.

Beijing had previously accused Hu of spying and stealing state secrets in the context of annual iron ore negotiations.

The episode has caused friction between Australia and China though both governments have denied it will have a major impact on the relationship. (ANI)

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Now, Oz mining giant Rio Tinto accused of bribing executives of 16 Chinese steel mills

July 15, 2009 By admin Leave a Comment

Beijing, July 15 (ANI): The staff of Australian miner Rio Tinto bribed executives from all 16 Chinese steel mills participating in this year’s iron ore price talks, an industry insider has disclosed.

“Rio Tinto got to know the key executives of the 16 steel mills, who have sensitive industry information, when the China Iron and Steel Association (CISA) brought them to the bargaining table,” China Daily quoted a senior manager at a large steel company, as saying.

“And then Rio Tinto bribed them (to get access to industry data), which has become an unwritten industry practice. If companies didn’t accept, they would have cut supplies and so the whole steel industry has been bribed,” he added.

The shocking revelation comes amid reports that the Chinese Government is planning to cancel 20 iron ore import licenses to regulate the chaotic ore import business, and investigate an alleged business espionage linked to the world’s second-largest iron ore miner, Rio Tinto.

“It is very likely for CISA to cancel about 20 iron ore import licenses held by steel makers and trading companies, with a focus on trading companies,” a source said.

Executives from five leading domestic steel makers and officials from the industry association are under investigation following last week’s detention of four employees of Rio Tinto’s China operation, including Australian-origin Stern Hu.

Another industry insider said: “There are about 1,200 steel mills in China. Most small- and medium-sized mills without import licenses have to buy ore from big ones with licenses.

“Therefore, some big mills don’t care about the ore prices because they could transfer the increasing cost to small- and medium-sized ones. Meanwhile, those small- and medium-sized steel mills are forced to sign contracts with global miners privately,” he added.

And, Hu Kai, an analyst with Umetal, a steel consulting firm, said: “Because of their own interest and intense competition among various steel makers in China, it’s unlikely for them to present a united front when bargaining with overseas ore providers.” (ANI)

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Prakash Industries to raise 100 million dollars through FCCB issue

July 8, 2009 By admin Leave a Comment

New Delhi, July 8 (ANI/Business Wire India): Prakash Industries Ltd (PIL), a business house with interests in steel and power, is in the process to raise around 100 million dollars through an FCCB issue.

The funds to be raised would be utilized to put up 625 MW thermal power plant at Champa, Chhattisgarh.

The plant will be ready by 2013 and would come at a cost of close to Rs.2500 Crores.

The proposed captive power plant will enable Prakash to secure its own long-term power needs while the surplus power will be sold through open access on spot prices. The company has been allotted Fatehpur coal block in Chhattisgarh for power expansion projects.

Prakash Industries Ltd (PIL) is a three decade old company focused in steel, power and mining. The company has one of the largest integrated steel plant (set up in technical collaboration with Lurgi Germany) through coal based sponge iron route in Chhattisgarh with state of the art technology equipments. Prakash Industries has planned to double its steel making capacity in the coming years.

Company is presently operating 100 MW captive power plant using Waste hot gases from the sponge iron kilns and coal based boilers. Company is the first in the country to set up Waste Heat Recovery Boiler (WHRB) with DRI kilns.

PIL is one of the largest player in the private sector in finished steel segment. The company is into manufacturing of high value added products like Wire Rod and Structurals. The company is also in the process to start manufacturing of TMT bars by October’ 2009.

Company has also planned backward integration to fulfill the raw material requirement for its operations. It is operating a captive coal mine at Chotia in Chhattisgarh to fulfill coal requirements of the DRI Kilns and has also been allotted coal block at Madanpur in Chhattisgarh for expansion requirements. Company has also been allotted Iron Ore Mines which are expected to be operational during this year.

The company has closed the year 2008-09 with a turnover of Rs.1710 Crores, PAT of Rs.204 Crores and an EBIDTA of Rs.304 Crores. (ANI)

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Govt. to award 6 shipping projects worth Rs 3300 cr.

July 1, 2009 By admin Leave a Comment

New Delhi, July 1 (ANI): The Government on Wednesday said it would award six shipping projects worth 3,319.14 crore rupees in next 100 days.

These would be developed on the public-private-partnership (PPP) mode.

Minister for Shipping G K Vasan, unveiling agenda of his Ministry in the national capital, said that these projects were expected to add capacity of 31.23 million tones.

The proposed projects include plans for development of a deep draught iron ore berth and a coal berth of capacity 10 million tones. (ANI)

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Paradip Port to have iron ore terminal

July 1, 2009 By admin Leave a Comment

New Delhi, July 1 (ANI): An agreement has been signed between Paradip Port Trust and Blue Water Iron Ore Terminal Pvt. Ltd for construction of a deep draught iron ore terminal.

K. Raghuramaiah, Chairman, Paradip Port Trust signed the concession agreement on behalf of the Port and Harindar Pal Singh Banga, Vice-Chairman, Nobel Group signed on behalf of Special Purpose Vehicle (SPV) here today.

Union Cabinet Minister of Shipping G.K. Vasan and other senior officers including Secretary (Shipping) A.P.V.N. Sarma, Additional Secretary and Financial Advisor and Joint Secretary (Ports) were present on the occasion.

Under the agreement, the iron ore terminal will be developed by the concessionaire at an estimated cost of Rs. 506.30 crores.

Paradip Port will provide supporting facilities like dredging of channel and berth, railway lines and back-up area at an estimated cost of Rs. 85.05 crores.

Besides this, the Port will also incur an expenditure of Rs. 20 crores towards shifting of the CISF complex and Rs. 15 crores towards upgradation of electrical reception facilities in order to facilitate implementation of the project.

On completion of the iron ore terminal, capacity addition to the Port will be ten MTPA. Since the dredging of the channel is in progress and the depths at the proposed channel and berth will be 17.1meters, it will facilitate handling of cape size vessels upto 1, 25, 000 DWT.

The concessionaire, Blue Water Iron Ore Terminal Pvt. Ltd. have offered a revenue share of 36.802 per cent to the port during the concession period of 30 years.

The concessionaire will complete the construction of the project facilities within 36 months from the date of award of concession.

This is the first project under the Public Private Partnership (PPP) to be implemented in the port sector as per the new Model Concession Agreement approved by the Cabinet and the tariff has been fixed up front by the TAMP.

As part of the PPP scheme of Government of India, Paradip Port Trust floated global tenders for construction of deep draught Iron ore berth on BOT basis.

Five bidders were short listed including the successful bidder, the consortium of Noble Group Ltd., Gammon Infrastructure Projects Ltd. and MMTC for this port sector BOT project.

The consortium has formed a SPV, Blue Water Iron Ore Terminal Pvt. Ltd. under the companies act to implement the project. (ANI)

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Berlusconi blasts press for breaching divorce implicated teen’s privacy

May 21, 2009 By admin Leave a Comment

London, May 21 (ANI): Italian Prime Minister Silvio Berlusconi has blasted the country’s press, accusing it of “disgraceful behaviour” for revealing that Noemi Letizia, the 18-year-old accused of being at the heart of his divorce, owns four properties in Naples.

Public land registry showed that the Letizia family flat in the Naples suburb of Portici had been in the name of Letizia since 2003, Il Sole 24 Ore, Italy’s main financial paper, said.

According to the paper, two other Naples flats were also in her name, one since 1995 and the other since 2005, as was a small family shop in the suburb of Secondigliano since 2002, reports The Times.

The paper noted that none of the properties was luxurious and that Letizia’s parents, Benedetto Letizia and Anna Palumbo, had reserved the right to live in and use all of them.

Visiting L’Aquila, the centre of the earthquake zone in Abruzzo, where the G8 summit is to be held in July, Berlusconi erupted in fury, saying: “The girl has been targeted by the newspapers in an unacceptable way.”

Publishing her property holdings was “disgraceful and shameful”, he added.

“What do private matters have to do with this? By what right do you occupy yourselves with them? I’ve been to I don’t know how many weddings, celebrations and anniversaries, I have nothing to hide. By what right do you persecute a respectable family?” he said. (ANI)

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Intervention proves effective in increasing correct breast self-exams

May 2, 2009 By admin Leave a Comment

Washington, April 30 (ANI): In a new study, researchers have found that a brief intervention program boosted the number of women correctly performing breast self- exams by tenfold.

The Kaiser Permanente Center for Health Research study is one of the first to show intervention programs can be effective in increasing breast self-exams.

Researchers said that this program is a model that can be used to encourage patients’ participation in their own health care, and can be modified to educate patients about other self-screening techniques for cancers such as melanoma and testicular cancer.

“Many women avoid breast self-exams because they are worried about doing them correctly; however, our study showed that with a relatively simple intervention, women can learn the proper technique, and once they feel confident they will continue to do their exams.” said Nangel Lindberg, Ph.D., lead author and investigator at the Kaiser Permanente Center for Health Research in Portland, Ore.

“This is an excellent opportunity for women to participate in their own health care. Self-exams allow women to become familiar with their breasts, so they can report any changes to their health care provider,” Lindberg added.

The study, conducted from 1998 through 2001, involved more than 600 women, aged 40 to 70, who had a negative mammogram screening within the last two months.

The women were randomized to a group that received dietary counseling with no mention of BSE, or the study group that received a 30 to 45-minute counseling session in which they watched an educational video, practiced BSE on a silicone model, and discussed possible barriers to doing self- exams.

At one and two months after the session, the women also received follow-up phone calls. Before the intervention about six percent of women in both groups were performing adequate self exams – defined as lasting at least five minutes, occurring every month, and fulfilling specific criteria taught during the counseling sessions.

One year after the program, 59 percent of women in the intervention group were performing adequate self-exams, compared to only 12 percent of women who received dietary counseling.

The study is published in the American Journal of Health Promotion. (ANI)

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Research and Markets: Name, Website, Stock Code, Main Business, Revenue and Profit in Past 5 of the Global Top 500 Companies Report for Mining and Metal – 2008-2009 Edition

April 24, 2009 By admin Leave a Comment

DUBLIN–(Business Wire)–
Research and Markets
(http://www.researchandmarkets.com/research/b0c6d9/global_top_500_rep) has
announced the addition of the “Global Top 500 Report of Mining and Metal,
2008-2009″ report to their offering.

This top 500 report is based over 1,000 mining companies (excluding coal,
petroleum and natural gas) and metal companies (excluding metalworks) are listed
over 50 stock exchanges in the world, by downloading their latest annual reports
and financial reports, and according to the indices such as the turnover, net
profit and total assets.

With the increasingly processing of industrialization and urbanization, China’s
demand for mineral resource remained strong. China has accelerated its move of
oversea acquisitions and enhanced its mineral resource reserves since 2009. For
example, Aluminium Corporation of China Limited plans to invest CNY19.5 billion
over Rio Tinto, the tender offer from China Minmetals Corp over Oz Minerals with
a sum of US $1.7 billion, and the Loan-for-Oil agreements with Brazil and
Russia.

In addition, the large steel corporations like Wisco, Nonfemet, Angang, and
Shougang have also accelerated their move of oversea mineral resource
acquisition. The iron ore producer of NMDC and the zinc producer of BINANI from
India are also planning their oversea acquisitions.

This report firstly gives the full picture of the turnover, net profit and total
assets, of global top 500 mining and metal companies in FY 2007, considering
some companies have not issued their FY 2008 annual reports yet, the 2008 data
will be released in a few months.

Followed by the description of mining industry and investment in different
continents, and recommend 23 countries rich in mineral resources, and deserving
to invest.

Then the profile of global top 500 including the company name, website, stock
code, main business, revenue and profit in past five years.

Finally, the series gives an in-depth analysis of global top 120 including their
financial results, operations and products besides company profile.

Notes:

1 The rank was by turnover in FY2007.

2 All the local currencies are converted into US dollar according to the
exchange rate in Jan, 2008.

Key Topics Covered:
1 Global Top 500 Mining and Metal Companies
2 Australia
3 Asia
4 Europe
5 Africa
6 America
7 Overview of Global Top 500 Mining and Metal Companies
8 Analysis of Global Top 120 Mining and Metal Companies

For more information visit

http://www.researchandmarkets.com/research/b0c6d9/global_top_500_rep

Research and Markets
Laura Wood
Senior Manager
press@researchandmarkets.com
Fax from USA: 646-607-1907
Fax from rest of the world: +353-1-481-1716

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‘Axed’ Nicollette Sheridan says Desperate Housewives became boring

April 15, 2009 By admin Leave a Comment

Washington, Apr 15 (ANI): Actress Nicollette Sheridan admits she’s not upset with her departure from ‘Desperate Housewives’, insisting that the show had become boring.

“When the show started it was such a different beast,” Usmagazine quoted her as telling the new issue of TV Guide.

“It was exciting and dangerous and funny and edgy and bizarre. It started feeling a little complacent, and that was very frustrating,” she added.

When told of her character Edie Britt’s demise, “I said, ‘OK, sayonara. It’s been a great ride. Thank you,’” she added.

The 45-year-old British actress said she would’ve left sooner, but all the women were “contractually bound, so there was no way out on your own terms.”

Sheridan also slammed show creator Marc Cherry for ignoring her, never adding her face to the opening credits and rarely speaking about her in interviews.

“When you have a jewel, why not polish it and put it out there for all to see?” she said.

However, Cherry insists Sheridan’s character was no longer relevant on the show and he was under tremendous pressure cut costs.

“Edie’s already slept with most of the guys on the street and has caused about as many problems as she could,” he said.

“There has been tremendous pressure put on me to cut costs … the network is saying to all the shows, ‘The company is really hurting financially. You must find a way to produce these shows ore cheaply,’” he added. (ANI)

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Seoul shares may rise, but gains seen limited

April 13, 2009 By admin Leave a Comment

SEOUL, April 13 (Reuters) – Seoul shares may rise on Monday
but gains could be limited following their latest rally and as a
long weekend on Wall Street gives the market little direction,
with auto issues likely to be in the spotlight on government
support measures.

“I’d say shares still have upward momentum, though caution
about corporate results exists. Investors are waiting in
particular for U.S. bank results, which Wells Fargo (WFC.N)
kicked off on a positive note,” said Lee Jae-mahn, a market
analyst at Tong Yang Securities.

“Stocks have risen too much and too fast, and gains may be
limited in that regard,” Lee added.

The Korea Composite Stock Price Index (KOSPI) ended
up 1.50 percent at 1,336.04 points on Friday, posting its fifth
consecutive week of gains, the longest weekly winning streak
since June, 2007.

Auto issues including Hyundai Motor (005380.KS) may be in the
spotlight after news South Korea plans to spend 500 billion won
($376.5 million) to help the country’s car industry through the
global downturn. [ID:nSEO26773]
———————-MARKET SNAPSHOT @ 2243 GMT ————

INSTRUMENT LAST PCT CHG NET CHG
S and P 500 .SPX 856.56 3.81% 31.400
USD/JPY JPY 100.34 -0.04% -0.040
10-YR US TSY YLD US10YT=RR 2.9225 — 0.000
SPOT GOLD XAU 884.15 0.40% 3.500
US CRUDE CLc1 52.02 -0.42% -0.220
DOW JONES .DJI 8083.38 3.14% 246.27
ASIA ADRS .BKAS 98.99 4.59% 4.34
————————————————————-

MARKET SUMMARY
*Asia stocks push towards 6-mth highs [ID:nT1655]
*World fuel use to dive by 2.4 million bpd-IEA [ID:nLA70157]
*Japan’s record borrowing plan ups pressure on BOJ [ID:nT12543]
*Treasuries fall, rising stocks sap safe-haven bid
[ID:nN09298439]

STOCKS TO WATCH

POSCO (005490.KS)

The world’s No.4 steelmaker posted a sharp drop in quarterly
profit to the lowest level in seven years on crumbling global
steel demand, and cut its 2009 output and sales targets by nearly
a fifth. [ID:nSEO193919]

POSCO also said it was in a preliminary deal with Rio Tinto
(RIO.AX) for a 20 percent discount in iron ore term prices, but
was looking for prices to go down even further. [ID:nSEO11216]

(Reporting by Jungyoun Park; Editing by Jonathan Hopfner)

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Iran says it controls entire nuclear fuel cycle

April 12, 2009 By admin Leave a Comment

Iranian President Mahmoud Ahmadinejad has said Iran now controls the entire nuclear fuel cycle – from extracting uranium ore to producing nuclear fuel pellets.

Speaking on state television on Saturday, Ahmadinejad said the next step for Iran is to achieve proficiency in building nuclear power plants without help from foreign countries.

Iran inaugurated a new facility producing uranium fuel for a planned heavy-water nuclear reactor on Thursday. Production of nuclear fuel pellets is the final step in the long chain of nuclear fuel cycle.

The US and some of its allies accuse Iran of seeking to build nuclear weapons. Iran has denied the charges, saying its nuclear program is merely geared towards power generation.

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Indian students are Australia’s third largest export income earner

April 3, 2009 By admin Leave a Comment

Melbourne, Apr.3 (ANI): With India projected to be the fifth-largest consumer market by 2025, Australian-trained Indian graduates and skilled workers represent a future trade and investment bonanza as they return home to jobs in the business and government sector.

Indian students now make up almost 18 per cent of Australia’s total foreign student population, the second largest group after China, which represents 23.5 per cent of the total foreign student body.

Foreign students are now Australia’s third-largest export income earner, behind coal and iron ore, contributing 14.1 billion Australian dollars in direct income and an additional 12.6 billion dollars in value-added goods and services, a new Access Economic report has found.

Australia’s business links with Southeast Asia are well established, going as far back as the 1950s.

Indian enrolments in Australian higher education and vocational training courses last year, a massive 54 per cent increase on the almost 63,000 Indian enrolments in 2007, and up from just 11,313 in 2002.

Take the example of 18-year-old Vasha Vankadesh from Tamil Nadu capital Chennai. A student, she contributes over 30,000 dollars annually to the Australian economy as she ploughs her way through an engineering degree at the Australian National University in Canberra.

“You’re now seeing the beginnings of that sort of relationship between India and Australia,” The Daily Telegraph quoted Australia’s High Commissioner to India, John McCarthy, as saying on Thursday.
Vasha says she chose Australia over Britain and the US because it was closer to home and cheaper. (ANI)

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India gets first consignment of uranium post-NSG clearance

April 2, 2009 By admin Leave a Comment

Hyderabad, April 1 (IANS) India has started benefiting from the Nuclear Suppliers Group (NSG) clearance for supply of nuclear fuel with the first consignment of 60 tonnes of uranium from France landing at the Nuclear Fuel Complex (NFC) here.

This first shipment is part of the 300 tonnes of uranium ore concentrate which French nuclear supplier AREVA NC has agreed to supply to India under bilateral cooperation for supplying reactors and fuel following clearance from the NSG, NFC officials said here Wednesday.

They said this uranium ore would be processed and used to produce power in safeguarded pressurised heavy water reactors (PHWRs).

‘This uranium has to be used in safeguarded reactors only. We already have 15, out of which two are safeguarded,’ R.N. Jayaraj, chief executive of NFC, told reporters.

He said the remainder of 240 tonnes of uranium from France was expected to reach NFC before the end of April.

With Russia also expected to send its first consignment of 120 tonnes soon, India hopes to tide over the shortage of uranium.

The official said uranium ore concentrate would be processed in the designated fuel plants at the NFC by converting it into nuclear grade uranium dioxide powder and then compacted in the form of cylindrical pellets.

‘These pellets are stacked and encapsulated in thin walled tubes of zirconium alloy which will be sealed by resistance welding using end plugs, a technology which has been innovated in India,’ he said.

Jayaraj said 19 such fuel pins would be assembled to form a fuel bundle for power plants. The NFC would be able to supply this fuel to only two PHWRs covered under the India-US nuclear deal. It would not be possible for NFC to supply the same to 13 other PHWRs.

NFC officials said reactors where the imported fuel is used would have to be made available for international inspections under the safeguards to which India has agreed.

India has received the first shipment of imported uranium at a time when its first nuclear plant, Tarapur Atomic Power Station (TAPS), completed 40 years of successful nuclear power generation.

The shipments from France and Russia are expected to help India tide over the current shortage of nuclear fuel and achieve the production target of 20,000 MW of nuclear power by 2020.

Atomic Energy Commission chairman Anil Kakodkar had recently said that despite the current economic slowdown, India was well on course to achieve the target.

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MSE Earthstone resources acquires 100% economic rights of coal tenement in Indonesia

March 18, 2009 By admin Leave a Comment

Jakarta (Indonesia) Mar 18 (ANI/Business Wire India): MSE Earthstone Resources FZC, part of Earthstone Group, a diversified mining company, today announced the acquisition of 100% economic rights for coal tenement extensively spread over 2,560 Hectares in the thermal coal resource region of Melabouh, Aceh, North Sumatra, Indonesia.

The Indonesian Department of Mining granted a three-year Kuasa Pertambangan (a mining right) license to PT Bara Bina Perkasa early this month. MSE Earthstone Resources FZC has acquired 100 per cent economic rights from PT Bara Bina Perkasa and has agreed to invest for exploration and exploitation of the tenement.

Integrated Coal Mining limited, a RPG Group company from India entered into an agreement with MSE Earthstone Resources FZC to jointly explore this tenement. RPG Group has an option to acquire up to 51% economic interest of the mine subject to satisfactory exploration of the tenement.

Commenting on the acquisition, Earthstone Group, Chairman and CEO Pankaj Shah said: “This acquisition is in line with our growth strategy of identifying and exploring high quality natural resources in order to meet the industry demand”.

Earthstone conducted initial reconnaissance studies to identify outcrops, determine characteristics of the coal seam, collect samples and determine the logistics; initial results show immense potential for prospecting of high quality thermal coal. The proposed site has good road infrastructure with minimal effort required to expand.

Earthstone jointly with RPG Group plans to initiate detailed systematic surveys including geophysical studies, drilling and geological logging on the site by April 2009.

Earthstone Group is a diversified multinational Group with established presence in Mines and Minerals and developing interests in Energy, Roads, Airports, Ports, Rail Networks and other associated Infrastructure. Acting through its subsidiary companies the Group secured 100 per cent Economic Rights in Coal, Iron Ore, Lead Ore and Manganese Ore properties in Indonesia.

We are actively pursuing opportunities in a number of Asian and African countries for Coking Coal, Uranium, Gold and Thermal Coal Mining. (ANI)

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Orissa’s iron ore processing units ask Oil-mining Corporation to cut ore prices

February 28, 2009 By admin Leave a Comment

Bhubaneshwar, Feb. 27 (ANI): Orissa’s small-scale iron crushing units are facing severe crisis, as they are not assured of ore lumps supply at reasonable rates from the Oil Mining Corporation.

The 300 crore rupees small units provide employment to 40,000 persons in the district.

Secretary of Keonjhar Industries Federation Soumya Patnaik said the present requirement of the local processing units is about ten percent to 15 percent of the total production of Gandhamardan region. But, the OMC is not ready to allot them even that.

“Why don’t they formulate a policy for the local small scale industry? If there is a small policy, if somebody could pick one out of anybody’s head whether it is the Chief Minister or Chairman OMC or the GM sales and just point out and say there are about 30 crore crushers, 40, 000 families depending on them. We are asking to have us an allotment for maybe a 10,000 or 5,000 tonnes of ore. Cannot OMC allot 5, 000 tonnes of ore when we are asking at the same price sponge baron people are beckoned,” said Patnaik.

However, the state mining minister said the demand of the crushing unit owners will be looked into but the fixed prices won’t be compromised.

“As per their demand the department is considering the case and as per rate it is fixed rate of OMC. With regard to the rate there will be no compromise because the rate fixed by OMC as per tender will be applicable to industrialists, crushing units or anybody else. Regarding other demands the department is looking into it and examining their application and very shortly a decision will be taken on it,” said Pradip Kumar Amat, Orissa’s Steel and Mines Minister.

The federation has now sought an appointment with Chief Minister Naveen Patnaik to ventilate their grievance against the arbitrary pricing policy.

The crushing unit owners have also threatened to take an agitation path if the government fails to resolve their issue. ANI)

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Paradip Port to have deep draught iron ore berth

January 2, 2009 By Rajiv Gupta Leave a Comment

New Delhi, Jan 2 (ANI): The Cabinet Committee on Economic Affairs today approved the project of construction of deep draught iron ore berth at Paradip Port on Build, Operate and Transfer (BOT) basis at an estimated cost of Rs.591.35 crore.

Out of total cost, Rs.506.25 crore will be borne by the BOT operator while Rs.85.10 crore will be borne by the Paradip Port Trust.

The length of the approved BOT iron ore berth would be 370 meter, alongside depth of (-)17.1 meter which will be capable of handling vessels of 1,25,000 Dead Weight Tonnage (DWT) and will have developed stacking area of about 82,125 sqm.

The project is to be implemented within a period of 36 months from the date of award of the concession.

The project will help in de-congestion of Port due to handling of Iron-ore in higher capacity vessels upto 1,25,000 DWT.

It will reduce Sea freight, which will make Iron-ore exports more competitive in the International market.

The project will boost the industrial economy in the hinterland of Port leading to creation of job opportunities. (ANI)

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Govt Announces withdrawal of 15% Export Duty on Steel

November 3, 2008 By admin Leave a Comment

The government today withdrew the 15 per cent export duty on pig iron, iron and steel ingots, bars and rods, angles and sections. It also replaced the 15 per cent ad valorem export duty on iron ore fines. The export duty on scrap and iron ore lump remains unchanged.

The ministry also withdrew full exemption from basic customs duty on import of ferro-molybdenum and ferro-vanadium. The items will now attract basic customs duty of 5%.

The major players of the steel industry have welcomed this move. Neeraj Singal, Managing Director, Bhushan Steel said, “We are the largest exporter of billets from the country but international prices are very low.

However, this is a good message from the Government” Ankit Miglani, Director (commercial) of Uttam Galva Steels said “the move was extremely positive because it showed that the government was concerned and was willing to help the industry”. He also added that this announcement would safeguard prices from going further down.

This decision will also benefit those who send semi-finished products to their own finishing mills outside India.

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