The mine is likely to yield 37 million tonnes of kimberlite, containing about 27.4 million carats of diamonds and has a life of 25 years.
British mining major Rio Tinto will be investing Rs 370 crore (rs 3.7 billion), for exploration and mining of diamonds in Madhya Pradesh's Bunder town, over the next three years, a senior State Government official on Monday said.
It has signed a strategic alliance with the arm of global miner Rio Tinto for increasing its presence in India and abroad, NALCO said in a filing to the Bombay Stock Exchange. The agreement signed on Friday in Bhubaneswar, facilitates both companies to share information for identifying potential to create value for both the organisations, the filing added.
With plummeting commodity market and share prices, mining behemoth Rio Tinto on Wednesday said it is trimming its global workforce by 14,000 employees as part of a slew of measures to reduce its debt of $10 billion by the end of 2009.
US, China and India are three main jewellery markets in the world, says Rio Tinto.
Albanese, 56, will take the helm on April 1.
ArcelorMittal, Anglo Australian major Rio Tinto, Hyderabad-based GVK Power & Infrastructure, Essar Mineral Resources and JSW Steel are among 10 prominent corporations in a shortlist to develop 18 abandoned coal mines owned by state-owned Coal India Ltd and its eight subsidiaries.
Global mining major Rio Tinto on Wednesday said it will de-list Riversdale, in which Tata Steel holds more than 26 per cent stake, from Australian Stock Exchange (ASX), after the completion process of of its takeover offer on May 6, if it is not extended.
The mining major is selling the company to reduce its debt.
The move follows Rio Tinto Jersey Holdings 2010 Ltd's decision to delist Riversdale Mining Ltd, after the company's shareholding in the mining company increased to 73.20 per cent.
The Tata Steel nominee on the board of Riversdale, Narendra Kumar Misra, abstained from voting on a resolution to announce and recommend the offer to shareholders.
As of now, only Indian power, steel and cement companies can mine coal for their own consumption.
Rio Tinto, one of the largest global miners, has started a trial run of diamond mining operations from its Bunder project in Madhya Pradesh.
"Yes, we will continue to hold on to our stake," Tata Steel's Vice-Chairman B Muthuraman told reporters on the sidelines of an industry event in New Delhi.
Pink diamonds cost at least 20 times more than processed white diamonds and only 40 to 60 pieces are available worldwide, with each stone weighing 40 to 60 carat.
Essel Propack, Amcore other contenders for $1bn deal.
Government will start to auction the rights to up to 70 diamond and gold exploration zones to mining companies this year
Setting up business in China has never been easy, with the constraints such as language, vast differences in cultural experiences and a form of government radically different from most of the western and Latin American countries where Indian businesses have firmly established themselves.
As the shadow of governance deficit and corruption back home threatened to lengthen behind the glorious Davos sun, India's image managers launched a spirited damage control exercise on the penultimate day of the World Economic Forum (WEF).
Three reconnaissance permits were issued during 2006-07 enlisting private participation for use of sophisticated equipments in exploratory work. Madhya Pradesh is the top state in India today in diamond mining with the Panna mine producing 15000 carats of both gem and industrial variety stones annually.
Prior to Rio Tinto's $3.9-billion offer for Riversdale in December 2010, Tata Steel had 24.4 per cent stake in the company, now at over 26 per cent.
Led by the record increase in benchmark iron ore prices, steel rates are set to climb steeply from August, immediately after the three-month period during which steel producers had promised the government to hold prices gets over.
Alert: Master of Law in Mineral Law and Policy
Shares of Indian mining company Vedanta fell to a fresh low after analysts at Morgan Stanley initiated their coverage of the company with a stark warning of the risks faced by investors.
Prime Minister Narendra Modi's decision to open commercial coal mining to private players is a key step towards bringing order to the country's chaotic power industry and ending the chronic blackouts that impede its economic rise.
India plans to double coal production by 2020
Vedanta may become a majority stakeholder in Cairn India.
The shareholders will also get one redeemable preference share in Vedanta Ltd
As mostly sports-mad Mongolians cheer on the country's two medalists at the Rio Olympic Games, deepening economic troubles at home mean the new government cannot afford to pay its athletes.
The United States maintained their push for a 2014 World Cup berth with a third straight victory in the final round of CONCACAF qualifying after Jozy Altidore's late strike saw off a stubborn Honduras 1-0 in Utah on Tuesday.
Prime Minister Narendra Modi is set to meet top Australian business leaders, including BHP Billiton CEO Andrew Mackenzie and HSBC Bank Australia CEO Tony Cripps, at a roundtable in Melbourne next week.
Faced with one setback after another in expanding the scope of mining in the country, almost all the major miners of the world have wound down their operations in India.
Prayas Jain has been arrested for allegedly buying secret documents.
Cricket Australia will draw up a 'charter' governing player behaviour in the wake of the ball-tampering scandal that has rocked the nation over the last fortnight, chairman David Peever said on Friday.
Construction companies will make money building detention centres. Information technology companies will make money on the enumeration of the CAA, NRC and NPR, notes Devangshu Datta.
India will allow locally registered foreign firms to mine and sell coal when commercial mining is permitted as part of the opening up of the nationalised industry after four decades, Coal Secretary Anil Swarup told Reuters.
The prospect of a depleted Australia team struggling on home pitches against India in the coming summer could add further heat from broadcasters
Hard to believe that some of these surreal places do exist.
Investors from across the globe are keen to invest in Gujarat.
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