Vedanta, a conglomerate in mining and metals, has seen a surge in its share price on the back of multiple triggers. Its demerger appears to be on track, a strong non-ferrous commodity cycle is boosting margins, and silver bulls are interested in Hindustan Zinc, its subsidiary.
The company shut down its 1-mtpa (million tonnes per annum) alumina refinery at Lanjigarh in Kalahandi district in the state on December 5 due to acute shortage of bauxite to feed its plant.
The company aims to make Lanjigarh refinery the first zero-based refinery in the world.
The next auction for bauxite blocks in Odisha may see heightened interest with Adani Group charting an entry into alumina refining and existing players looking to boost capacity. Hemant Sharma, principal secretary, Odisha industries department, said that three bauxite blocks have been scheduled for auctions this year. Adani Group - which will be setting up a 4-MMTPA alumina refinery and may enter aluminium production - is expected to bid for mines, though raw material linkages shall be available from Odisha Mining Corporation (OMC).
Of these 2,500 are directly employed and 4,500 indirectly.
The minister also announced that in order to continue the pace of infrastructure creation, her ministry proposes to process 53 new rail connectivity proposals in 2009-10 besides the above-mentioned lines.
Vedanta Group, which was denied mining rights in Orissa's Niyamgiri hills, on Thursdaysaid it will not pull out of the state.
When the world was upended by the Covid-19 pandemic, metals got its shine back. In the last two years, infrastructure spending by major economies spurred demand, energy transition and intermittent supply disruptions fuelled a scorching rally in metals after a downturn during the first Covid wave. Now, Russia's war on Ukraine is ensuring that elevated prices stay the course.
There is little doubt that the Dongria Kondhs are facing their biggest challenge. Being small in number, they need special attention and care in order to fight this deadly virus.
A reception often reserved for rockstars came the way of mining mogul Anil Agarwal when he started revealing nuggets of his ascent from a scrap-metal dealer to one of India's most prominent self-made industrialists on social media. And now he has been flooded with booking writing proposals and has even been offered money for a biopic. In February this year, Agarwal, 68, started tweeting his journey from Bihar to Mumbai first and then to London to head a globally diversified natural resources company with interests in zinc-lead-silver, iron ore, steel, copper, aluminium, power, oil and gas.
The company had entered into a pact with state run miner Odisha Mining Corporation (OMC) to source bauxite from the ecologically fragile Niyamgiri hills with deposits of around 70 million tonne.
Seeks talks after court battle lost.
Withdraws petition from green tribunal, makes fresh plea for Lanjigarh project.
Soon after stalling Vedanta's proposed bauxite mining project in Orissa, the Environment Ministry on Tuesday said the licence granted to mining firms supplying the mineral to its alumina refinery is under scanner.
A delegation of Vedanta Group led by Kumar met Mohanty and urged him to accelerate process of providing alternative source of bauxite after the company was refused permission to start mining atop Niyamgiri hills in Kalahandi district.
Given the serious allegations against the firm, did these members of the board fail in their duty to safeguard the interests of stakeholders?
Addressing a tribal rally marking 'Adivasi Adhikar Diwas' (Rights Day) in Jagannathpur village at the foothills of Niyamgiri hills close to Vedanta's alumina refinery, he said he would he would be their "soldier" in Delhi and continue their fight
London-based Vedanta Group said it was not going to apply afresh for 'green' clearance to expand its aluminium refinery project in Orissa's Kalahandi district, even after being advised by the Union environment and forests (MoEF) ministry to do so.
The mining ban has implications beyond just protecting the environment and tribal rights.
Sam Pitroda says Rahul Gandhi's support for the tribals is correct and while he backs development he says it must be done by preserving the rights and culture of the tribals.
The plan includes raising the capacity of its aluminium smelter to 2 million tonne, Lanjigarh alumina refinery capacity to 5 million tonne per annum and generation of 4,000 MW power in the state. About 700 small and medium enterprises can come up in the proposed aluminium park. Vedanta will not only supply the metal required for these units, but also supply them power from its 4,000 MW power plant in the locality.
The Anil Agarwal promoted Vedanta Aluminium (VAL) plans to invest a whopping Rs 60,000 crore in aluminium, alumina and power sector in Orissa by 2013.
All the 12 gram sabhas held in July-August last year had unanimously expressed opposition to the mining operation in the hills saying it would violate their social, cultural and religious rights.
Water or mines? The answer should be obvious, but thanks to the pots of gold that lie hidden in them, mines are robbing the countryside of its natural wealth.
The Vedanta group's Rs 3,600-crore (Rs 36 billion) alumina refinery in Orissa's Kalahandi district is likely to clear the final hurdle soon.
Sourcing bauxite from other states to add Rs 600 crore to cost.
While Vedanta Aluminium, Balco and Cairn India confirmed the job cuts, sources said Sesa Goa too had slashed jobs.
Moily had last week rejected Vedanta's proposal to mine the Niyamgiri hills after 12 village councils of Dongriya Kondh tribal groups opposed the project in their forests.
The Supreme Court on April 18 ordered the villagers be provided with basic forest rights in form of the land titles
'As of now there are no mining activities,' but 'who knows the future?'
All this is happening at a time when aluminium prices in the world market are firming up.
Of 22 eligible voters in the village, 19 persons -- 12 women and 7 men -- attended the gram sabha, despite heavy rains to voice their opposition to the project. Tadijhola, located on the foothills of Niyamgiri, is predominantly inhabited by the milkmen community.
Verdict to decide fate of Vedanta Aluminium's Rs 40,000-cr projects in Odisha that will source bauxite from Niyamgiri.
The 30-share Sensex ended up 204 points at 27,215 and the 50-share Nifty ended up 59 points at 8,238.
RBI's fifth bi-monthly monetary policy meet due tomorrow also kept the investors on their toes.
Celebrations, of course, will happen when Congress scion, Rahul Gandhi, who anointed himself as the 'sepoy of Niyamgiri tribals in Delhi' at a public meeting here in 2008, visits the area again shortly.
Year 2013 saw business leaders facing the ire of hostile investigative agencies.
Weak GDP data and unfaouvrable global data has pulled down Sensex, Nifty.
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