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India, which has been exploring ways to secure supplies of lithium - a critical raw material used to make electric vehicle batteries - in February found its first lithium deposits in the federally administered region of Jammu and Kashmir.
A steep drop in the price of gold will hit profits at mining companies that are already straining under rising costs, and could prompt some miners to rethink their capital spending.
Mining companies and stakeholders in Goa have pinned their hopes on the impleadment petitions they filed in the Supreme Court in connection with the current cessation in the export and transportation of iron ore from the state, which will come up for hearing on December 7.
Vedanta Resources has offered to pay Rs 16,000 crore to purchase the stake of the government in Hindustan Zinc (HZL) and Bharat Aluminium Company (BALCO). This valuation has been arrived at based on the January market price.
While its windfall gains for mining districts, the new mining bill passed by Cabinet today can bring a dry spell across the metal space in the market. "Hindustan Zinc’s EPS would be impacted by 8-9% by FY13. Sterlite would be impacted by 4-5%," says Tarang Bhanushali of IIFL.
A CBI team today conducted survey and inspection of boundaries of some mining companies on Karnataka-Andhra Pradesh borders including those belonging to state's Tourism Minister G Janardhana Reddy.
