County Mineral Financial News

Karnataka Cabinet on Thursday decided to advise Governor Thawarchand Gehlot to permit prosecution of Union Heavy Industries Minister HD Kumaraswamy and former BJP ministers Shashikala Jolle, Murugesh Nirani and G Janardhana Reddy as sought by the Lokayukta. The Cabinet decision comes days after Lokayukta’s special investigation team (SIT) sent a second letter to the Governor requesting permission to file chargesheet against Kumaraswamy in connection with the renewal of a mining lease. The ruling Congress has stepped up its counter-offensive against the BJP-JDS combine, both legally and politically, and is preparing to build a strong case ahead of the scheduled hearing of Chief Minister Siddaramaiah’s writ petition in the high court, coming up on August 29. The CM is battling charges of his wife being given 14 residential plots, unlawfully, in an upscale area in Mysuru.

Donald Trump in Washington this Friday to sign a long-negotiated minerals deal. The agreement would allow the United States access to Ukraine’s rare earth deposits, crucial for industries ranging from defence to green energy. But there’s a catch—despite months of talks, Kyiv has failed to secure firm US security guarantees in return.

Subscribe to enjoy similar stories. On Wednesday, India’s cabinet approved a national critical mineral mission. With an outlay of ₹34,300 crore, its aim is to strengthen India’s supply chain for key minerals and achieve self-reliance.

PSU stocks and D-Street experts see this momentum to continue in the run-up to next year's Union Budget. While valuations still remain a concern for many, the road ahead is likely to be stock specific, they say, arguing that the recent correction is offering pockets of opportunities to make entry in the state-run company stocks. An analysis of the 59-stock BSE PSU index reveals 39 stocks that have witnessed a decline since June 4, the day when the general election results were announced. In this, 30 have fallen in double digits. The worst losers are Bharat Dynamics, Cochin Shipyard, Ircon International, Mangalore Refinery And Petrochemicals (MRPL), falling between 39% and 20% as on November 22 (a day before the announcement of Maharashtra assembly election results).

Subscribe to enjoy similar stories. Truth is stranger than fiction. The Supreme Court of India seems to have left no stone unturned to make this saying ring true.

investigation team (SIT) of the Karnataka Lokayutka has renewed its request with Governor Thawarchand Gehlot for permission to file a charge-sheet against Union Heavy Industries and Steel Minister HD Kumaraswamy in a case of renewal of mining lease. The union minister was alleged to have illegally approved a mining lease to Sri Sai Venkateshwara Mineral in Sandur in Ballari district during his first stint as Chief Minister in 2007. The SIT, which completed investigations into the case, had in November last year, submitted a letter to the Governor seeking permission to file charges against the union minister. The second letter assumes significance as it comes within a week after the Governor granted permission to three activists to prosecute Chief Minister Siddaramaiah in a case of alleged illegal allotment of 14 pricey housing plots to his wife Parvathi in Mysuru. The Congress has been pushing for similar sanctions against the BJP and JDS leaders against whom prosecution has been sought by the Lokayukta SIT.

Indian Railways has loaded 128.29 million tonnes (MT) freight during April 2024. This is 1.46% higher than the 126.45 MT freight loading for April 2023. With this, the national transporter has clocked the 55th straight month of highest ever freight loading, beginning October 2020. Freight revenue earnings during the month under review stood at Rs 14,075.14 crore, up from Rs 13,893.27 crore in April 2023. Railways loaded of 57.64 MT in Coal, 14.88 MT in Iron Ore, 5.24 MT in Pig Iron and Finished Steel, 6.79 MT in Cement, 4.75 MT in Clinker, 3.85 MT in Foodgrains, 4.01 MT in Fertilizers, 4.16 MT in Mineral Oil, 6.57 MT in Containers and 9.54 MT in Balance Other Goods during April 2024. For the full fiscal ending March 2024, Indian Railways loaded 1591 MT freight up from 1512 MT in the preceding fiscal. Records of railway electrification, new lines, and track replacement were also made during the fiscal 2023-24. Within goods loading, the Railways ferried 787.61 MT of Coal, 180.95 MT of Iron ore, 153.80 MT of Cement, and 114.36 MT as Balance Other Goods for the full fiscal 2023-24.

Chris Ellison’s Mineral Resources made a down payment on the Bald Hill lithium mine as he advances a billion-dollar spending spree in the West Australian lithium sector, and mounts a potential challenge to SQM’s takeover of Azure Minerals.

Billionaire Chris Ellison’s Mineral Resources has snared a 19.8 per cent stake in a new lithium target with links to MinRes chairman James McClements.

Rare earths play Northern Minerals has asked the Foreign Investment Review Board to probe whether recent share acquisitions are part of a covert attempt by Chinese interests to gain control of its strategically important assets in Western Australia.

Albemarle boss Kent Masters likes to joke that he runs a company full of chemical engineers and is still learning the ropes when it comes to mining.

Caretta Minerals LLC, an asset of JSW Steel in the US, has entered into an agreement to sell its plant and equipment for a consideration of USD 24 million to West Virginia Properties.

renewable energy, telecom, and defence among others. In June this year, during prime minister Narendra Modi's visit to the US, India entered Minerals Security Partnership (MSP) alliance, a US-led alliance of 14 countries that aims to catalyze public and private investment in critical mineral supply chains globally.

BHP says the Albanese government’s “same job same pay” agenda will capture more workers than it expected when it estimated the annual impost at $1.3 billion, as the government rubbished the company’s estimates.

Pakistan Prime Minister Shehbaz Sharif showed his willingness to talk to India, the Ministry of External Affairs (MEA) Spokesperson Arindam Bagchi on Thursday said that India wanted neighbourly ties with Pakistan but there should be an atmosphere free from terror and violence for such a relationship. During a weekly briefing of MEA, Bagchi said, «We have seen reports regarding the comments by the Pakistan PM on this issue. India's clear and consistent position is well known that we desire normal relations with all our neighbouring countries including Pakistan.

Pakistan Prime Minister Shehbaz Sharif on Tuesday offered talks with India to address all serious and outstanding issues as he said “war is not an option” for both countries as they fight poverty and unemployment.

Shehbaz Sharif on Tuesday offered to hold talks with India to address all serious and outstanding issues as he said that «war is not an option» for both countries as they fight poverty and unemployment. Sharif made the remarks while addressing the inaugural session of the Pakistan Minerals Summit here. The meeting, organised under the slogan of 'Dust to Development', aimed at bringing foreign investment to the cash-strapped country.

The man who found the copper deposit at the centre of BHP’s $9.6 billion consolidation of the South Australian mining industry says he would never have made the discovery if working in today’s political climate.

GST, export duty, royalty, District Mineral Foundation (DMF), National Mineral Exploration Trust (NMET) while calculating Average Sale Price (ASP) of minerals. This will restrict charge of royalty over royalty and limit tax burden on companies and improve realizations for the government in mineral concession auctions.

Under pressure gold miner St Barbara delivered full-year production at the top end of its forecast range for 2023.

SINGAPORE—China’s decision this week to restrict the export of two minerals used in semiconductors, solar panels and missile systems was more than a trade salvo. It was a reminder of its dominant hold over the world’s mineral resources—and a warning of its willingness to use them in its escalating rivalry with the U.S. Around two-thirds of the world’s lithium and cobalt—essential for electric cars—is processed in China.