Mining Sector

News Corp suffers loss in Education Business

News Corp suffers loss in Education Business

According to reports, News Corp has suffered a net loss of $379 million in the recent quarter following it posted the value of its digital-education business. However, reduced costs assisted in strengthening its adjusted operating earnings. The media company said that for the first time that it will begin paying a dividend.

Chief Executive Robert Thomson said during a conference call that the company is negotiating with a potential investor for its Amplify digital-education business. According to News Corp, it would stop marketing products of Amplify’s Access to new customers, however will keep on providing service to current customers.

Coal unions warn of 'non-cooperation' drive on CIL divestment

CIL divestmentNew Delhi: Irked by the government's 10 percent stake sale in Coal India Ltd (CIL), trade unions have warned of a 'non-cooperation drive' to protest against the disinvestment and other issues.

A decision in this regard would be taken by the central trade unions of coal industry during a meeting expected to be called in a couple of days, a senior union leader said.

"We may launch a non-cooperation drive later to protest against CIL disinvestment," INTUC-affiliate Indian National Mine Workers' Federation (INMF) Secretary General S Q Zama told PTI. He, however, did not divulge further details.

Coal India production jumps 6%, focus on evacuation

Kolkata - With coal production increasing over six percent and offtake at only 3.2 percent during the year, logistics and coal evacuation comes into core focus for Coal India.

"Evacuation is growing at 3.5 percent while, production is growing at more than 6.7 percent till January 6 this year. Unless there is evacuation, what is the point in production," Coal India Chairman Suthirtha Bhattacharya said.

CIL stake sale today; government eyes Rs 22,600 cr

CIL stakeNew Delhi/Kolkata: In the biggest ever share sale, government will offer Coal India shares at a floor price of Rs 358 a piece on Friday for divestment of up to 10 percent stake in the state-run behemoth for an estimated Rs 22,600 crore, even as trade unions warned of strike against the move.

The floor price was fixed on Thursday at a discount of about 5 percent from the current market price of Coal India (CIL), where the government presently holds nearly 90 percent stake.

Government puts 40 more coal mines on offer for auction

Government puts 40 more coal mines on offer for auctionNew Delhi Jan. 13 - The government has put 40 more coal mines up for auction and allotment.

Twenty-six of these 40 mines would go to the power sector.

As per the list, 23 mines are earmarked for auction, while 17 others including Tara East, Parsa East and Kanta Basan would be allotted directly.

The e-auction of the 23 coal mines will be held from the second week of February.

The auction process for 204 coal mines was begun last December through a re-promulgation of the coal ordinance. (ANI)

Cabinet approves resumption of allocation of coal blocks

Arun JaitleyNew Delhi, Dec 24 : The Union Cabinet on Wednesday approved the resumption of the allocation of coal blocks, and also sent an ordinance on an amended insurance bill to President Pranab Mukherjee.

"The Cabinet took three important decisions today. With the repromulgation, the unfinished business of the allocation of coal blocks will resume again. The guidelines have been approved for the methodology of how coal blocks will be allocated to the power and other core sectors,"Finance Minister Arun Jaitley told the media here.

S Bhattacharya appointed CMD of Coal India

New Delhi - Senior IAS officer S Bhattacharya has been appointed as the Chairman and Managing Director of Coal India Ltd (CIL).

The coal major was without a full time chief for the past six months.

"The Appointments Committee of the Cabinet had a couple of days back cleared Bhattacharya for the top job," an official said adding that "the order for his appointment has been made."

The PESB had last month recommended the name of S Bhattacharya, a 1985 batch IAS officer, for the post of Chairman and Managing Director of Coal India Ltd, the world's largest miner.

Govt eyes Rs 1.47 lakh cr from auction of 92 coal blocks

Coal BlocksNew Delhi: Government is targeting a revenue of Rs 1.47 lakh crore from the allotment and auction of 92 coal blocks out of those being given out in the first phase to private as well as public sector entities.

The 92 coal blocks to be both alloted and auctioned have geological reserves of 18,446 million tonnes, according to an official source.

Of the 92 coal blocks, 57 blocks are for the power sector and 35 mines are for non-power sector and captive power plants, he said. In the first phase a total of 101 mines are being allocated, including 65 through the auction route.

Open up coal sector to enhance production: Advisory Group

New Delhi - Opening up of the coal sector and upgradation of state-run Coal India and its subsidiaries are vital for scaling up domestic production of the dry fuel, says a report submitted to the government on Monday.

The final report of the Advisory Group for Integrated Development of Power, Coal, and Renewable Energy for suggesting measures for enhancement of coal production in the short, medium and long term was presented to Power and Coal Minister Piyush Goyal.

The group, headed by Suresh Prabhu (now Union Minister for Railways) has called for certain improvements in Coal India and its subsidiaries including Central Mine Planning and Design Institute Limited (CMPDI).

Coal auction to begin in Feb; Govt aims to keep lid on tariff

New Delhi - The keenly awaited auction of coal blocks will be held around February 11 but power tariffs are unlikely to shoot up following bidding, expected to be intense, as the government has put in place norms to regulate the bid war.

As per the draft rules of bidding for the first set coal blocks from among the 204 whose allocations were cancelled by the Supreme Court in September, the mines will be allocated only for specified end-use like power generation and there will be a cap on number of blocks a company can bid for.

Coal Ministry asks allottees to give full information on mines by Nov. 25

New Delhi, Nov. 17 - The Coal Ministry has asked the allottees of 74 mines to provide information about their fields by November 25.

The required information includes details on environment clearance, production and land status.

These 74 mines are part of those 204 coal blocks whose allocation to various companies since 1993 was quashed by the Supreme Court on the ground that they were done in an illegal manner by an ad-hoc and casual approach without application of mind.

The government is now planning to allocate coal blocks through auction by February next.

Govt. sets up panel for smooth allocation of cancelled coal blocks

Coal MiningNew Delhi, Nov. 13 - The government has set up a high-level inter-ministerial committee to ensure the smooth allocation of 204 cancelled coal blocks.

The committee will provide advice on policy issues and interact with the industry.

The coal ministry has said the nine-member committee, to be headed by Additional Secretary (Coal), will have members from ministries like power, steel and law.

It has said that the nominated authority created under the Coal Mines (Special Provisions) Ordinance, 2014 is required to undertake management and reallocation of 204 coal blocks cancelled by the Supreme Court.

Coal scam: Govt to re-auction 218 coal blocks, may 'exempt' 40

Coal scam: Govt to re-auction 218 coal blocks, may 'exempt' 40New Delhi : Government Monday told the Supreme Court that it "wants re-auction all of 218 coal blocks" declared as illegal allocation but sought its indulgence to "exempt" 40 of them which are functional and ready for the end use power plants.

SC cancels coal block allocations made between 1993 and 2009

coal-block-allocationsNew Delhi, Aug 25 : The Supreme Court (SC) today held that the coal block allocations made by the central government between the years 1993 and 2009 have been cancelled. The court said these allocations were made in a non-transparent and arbitrary manner.

The apex court today said that no objective criteria were followed and the guidelines were breached in coal block allocations.

Coal scam: SC likely to pronounce verdict Monday

Coal scam: SC likely to pronounce verdict MondayNew Delhi : The Supreme Court is likely to pronounce it verdict Monday on petitions which seeks quashing of coal blocks allocated during the previous UPA regime.

A bench headed by Chief Justice R M Lodha has examined the allegations about alleged irregularities in the allocation of around 194 coal blocks without following proper guidelines.

The coal blocks were alloted in Jharkhand, Chattisgarh, Maharashtra, West Bengal, Odisha and Madhya Pradesh to private companies and parties bewteen 2004 to March 2011.

Mining to resume in Goa by year-end: Manohar Parrikar

Manohar ParrikarPanaji: Goa Chief Minister Manohar Parrikar on Friday said that the mining industry will resume operations by this year-end, thereby restarting the economic activity in the iron ore rich belts of the state.

"State government has already started the process to resume mining activity in the state. Mining has been an important issue before the government. It will start before this year end," Parrikar said addressing the gathering after hoisting national flag on 68th Independence Day.

Coal India misses output target in July

Coal-IndiaNew Delhi: State-owned Coal India (CIL) achieved an output of 33.1 million tonnes (MT) in July as against the target of 35.80 MT.

The development comes at a time when the Maharatna firm is drawing flak from across the quarters for missing its output targets.

In the first four months of the current fiscal, the company's production was 141.34 MT, while the target for the period was 148.81 MT, the company said in a filing to the BSE.

The company's offtake in July stood at 38.04 MT, missing its target of 40.48 MT. Its offtake in April-July period was 157.59 MT, against the target of 171.43 MT.

Environment groups' concerns over Adani project exaggerated: Hunt

Environment groups' concerns over Adani project exaggerated: HuntMelbourne - Rebutting concerns raised by environmentalists on the approval of USD 16.5-bn coal and rail project of India's Adani Mining in Queensland, Australian environment minister Greg Hunt on Tuesday said the claims about its impact on Great Barrier Reef were "exaggerated".

According to media reports here, Hunt while insisting that the project would not have a big impact on the reef, said, "Environmental groups such as Greenpeace are exaggerating the impact on the reef. It is casual, uninformed and its false and untrue."

Adani's Australia coal mine project cleared, company welcomes decision

AdaniMelbourne: Australian government on Monday cleared the proposed USD 16.5 billion Carmichael coal mine project of the Indian conglomerate Adani Mining in the Galilee Basin in central Queensland. This is expected to provide electricity for up to 100 million people in India.

The approval was announced by Environment Minister Greg Hunt, who said "after undertaking a thorough assessment and consideration under national environment law, I have approved the Carmichael Coal Mine and Rail Infrastructure project, subject to 36 strict conditions".

Coal India yet to sign fuel supply pacts with 12 power units

Coal-IndiaNew Delhi: State-owned Coal India (CIL) is yet to enter into fuel supply pacts with 12 power units as issues like change in ownership and extension of coal supplies are still being examined by the government.

"Out of this 78,000 MW capacity as on date CIL has signed 160 FSAs (Fuel Supply Agreements) for a capacity of 73,075 MW. "In the remaining 12 cases, some issues related to change of ownership, extension of coal supplies, beyond the period admissible under Tapering Linkage Policy, etc, are involved," said the minutes of meeting dated July 24 of Standing Linkage Committee on Power.

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