Media reports said the decision was mutual.
Coal India's (CIL's) revenue for the first quarter of 2024-25 (Q1FY25) came in at Rs 36,500 crore, up 1 per cent year-on-year (Y-o-Y) and down 3 per cent sequentially, which was in line with consensus. The blended average selling price was Rs 1,687/tonne, down 5 per cent Y-o-Y and down 1 per cent Q-o-Q, which was below estimates. The adjusted operating profit (excluding overburden removal or OBR costs) stood at Rs 11,500 crore up 3 per cent Y-o-Y and up 17 per cent Q-o-Q, which beat the street. This was due to lower operating expenses.
India is looking at buying coal mines in Australia through two state-owned entities in a bid to bridge the domestic coal supply-demand shortfall, a top government official said on Monday.
Conservation group Coast and Country said that it has filed an appeal to the Supreme Court of Queensland for a judicial review.
'If you align your ambition with India's rise, the peak of your careers will unfold alongside the peak of India's power.'
The letter comes after a report by the London-based Financial Times, citing documents from George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP), alluded to a "fraud" by the Adani Group by selling low-grade coal as high-value fuel in 2013.
'The day I took charge, the PM told me you do the following -- stop imports, talk to all stakeholders and involve them to make mining more industry-friendly without affecting the environment.'
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The Greens are calling for an urgent investigation.
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JSPL and Balco had emerged as the highest bidders in the recently concluded auctions.
Dual methodology for e-auction to introduce price ceiling for power sector
The lobby objected to the Indian mining giant's $16.5 bn Carmichael project.
Coal behemoth CIL on Thursday reported a 26.2 per cent rise in consolidated net profit to Rs 8,682.20 crore for the March quarter on the back higher supplies of the dry fuel. The company's consolidated net profit stood at Rs 6,875.07 crore in the year-ago period, Coal India Ltd (CIL) said in a regulatory filing. Its consolidated income in the January-March period declined to Rs 39,654.50 crore from Rs 40,371.51 crore a year ago.
The Cabinet had had approved promulgation of the Ordinance on Insurance Bill and re-promulgation of the Coal Ordinance on Wednesday, a day after the conclusion of the Winter session of Parliament.
"The fourth body was found at 230ft in general area where the third body was found. It is located about 20 feet away from the pulley cart used to transport the dug-out coal," operation spokesperson R Susngi said.
The Indian steelmaker, which bought the Mozambique project with Australia-listed Riversdale Mining, sees the mine as essential in ensuring it has a sustainable supply of coking coal.
The state-run miner, which recently raised a record Rs 15,000 crore (Rs 150 billion) from the markets, is running short of executive manpower, even as it looks at expanding production to meet rising coal demand in the country.
Rescuers are struggling to save the trapped people, and local authorities are investigating the cause of the accident. President Hu Jintao and Premier Wen Jiabao ordered local authorities to spare no effort to save the trapped while guarding against secondary accidents.
The coal scandal began with revelations about the Manmohan Singh government, then expanded in scope to take in the Vajpayee government, and has now become a sweeping saga that lays bare the contemporary Indian state.
The government on Thursday said it has cancelled the auction of Tamil Nadu's Nayakkarpatti tungsten mineral block which is near the Arittapatti Biodiversity site and a number of cultural heritage sites. Tungsten is a critical and strategic mineral.
'Many of them are mutilated beyond recognition. Every day an encounter takes place.' 'Bastar has been burnt to ash.'
Hindalco's India business, including Utkal Alumina, reported good results for the January-March quarter of the financial year 2024-25 (FY25) and consolidated earnings before interest, taxes, depreciation, and amortisation (Ebitda) also rose. Earnings growth was driven by favourable pricing, lower input costs and lower tax outgo for Novelis.
Global Steel owns 70 per cent stakes in iron ore mine in Brazil and two coal mines in Columbia and Mozambique. The company is setting up three special purpose vehicles for isolating financial and regulatory risks. Ispat will purchase the stakes in these SPVs, which are held by Global Steel. The iron ore mine has an estimated reserve of 500 million tonne while the coal mines hold reserves of 120 million tonne.
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The newly appointed CMD at Coal India has a tough road ahead.
The government's final rules for reallocation of cancelled mines through an e-auction process give the existing owners an advantage over new bidders.
Rising energy demand could tilt India's energy basket towards fossil fuels from coal to oil, natural gas.
An inquiry has been ordered by the Director General of Mines Safety and a high-level committee of experts has been constituted by Coal India to investigate the causes of the accident.
The deadline for these overseas mining firms for responding to CIL's EoI notice is August 31 this year.
Close on the heels of Mukesh Ambani's Reliance Industries seeking coal mines to convert coal into oil, younger brother Anil-run Reliance Natural Resources has applied for coal blocks to turn coal into gas. Reliance-Anil Dhirubhai Ambani Group (R-ADAG) president J P Chalasani in a January 14 letter to Coal Secretary H C Gupta sought allocation of "captive coal blocks for the purpose of converting coal to gas."
The recommendation, if implemented, could severely dent coal miners' bottom line.
The mine, designed to eventually produce 60 million tonnes a year of thermal coal used in power stations, has been the focus of opposition by green groups fighting new coal mines and the rail and ports needed to ship the coal.
Billionaire Gautam Adani-led Adani Enterprises on Monday entered into a pact with Australia's Linc Energy to buy the latter's coal assets for 500 million Australian dollars (about Rs 2,100 crore).
"I am proud to announce the project has Final Investment Decision (FID) approval which marks the official start of one of the largest single Infrastructure -- and job creating -- developments in Australia's recent history," Gautam Adani said.
The group has earmarked over Rs 4,000 crore (Rs 40 billion) to acquire coal mines in foreign countries.
The key hurdle Adani needs to clear to secure loans for the Carmichael mine, rail and port project is dredging approval to expand its Abbot Point port.
Shares in Jindal Steel and Power Ltd were heading towards their biggest daily loss in almost two years on Monday.
The bodies of 43 of the 50 miners killed in an explosion inside a coal mine in Jharkhand's Dhanbad district have been brought to the surface.
However, the National Disaster Response Force, which has been engaged in the rescue operation since the day of the tragedy on December 13 last, will continue with their services.
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