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| Feb 20, 2007 |
Hind Copper To Sign Contract With Australian Co To Re-open Surda Mines In Jharkhand
(RTTNews) - Public sector Hindustan Copper is on the verge of signing a service contract with Perth-based Monarch Gold Mining Company, in a bid to re-open a copper mine in Jharkhand that was closed several years ago.
The Chairman and Managing Director, Satish Gupta, said that the company is sorting out the procedural details with Monarch Gold Miniging to run the Surda mines. He added that this would be a service contract, where Monarch Gold would invest in equipment, manpoer and technology. Hindustan Coppre will buy the copper concentrate at a fixed rate, which is under finalization.
The Surda mine was one of five that were closed between 1998 and 2003 as global copper prices plumeted and inflicted losses on the company. That prompted its inlcusion in the disinvestment list of the Vajpayee Government, which dressed it for sale by closing down the costlier mines.
Gupta said that the company has a smelter of 16,500 tonnes per annum of processed copper capacity. Presently the company sourcing the copper concentrate from its mine in Malanjkhand, Madhya Pradesh. Once the mines in Jharkhand is re-opened, the company can source the concentrate locally and the Malanjkhand concentrate can be diveted to the smelter at Khetri in Rajasthan, which is fed by imports.
The company's refining capacity is 47,500 tonnes of copper metal per year, 30,000 tonnes at Khetri and 16,500 tonnes at Ghatsila, near Jamshedpur. It produces about 30,000 tonnes of copper concentrate from its mines and imports the balance at a price that is much higher than what it costs to produce in India.
http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=
20070219%5cACQRTT200702192326RTTRADERUSEQUITY_0386.htm &
Jusco, JSEB to share customer pool in Seraikela-Kharswan district
The newly created industrial district of Seraikela-Kharswan is set to become the first in the country to have the presence of two power supply agencies within the same area, a state-owned one trying to retain its clients, and a private one going all out to win over the former's disgruntled customers.
While there are instances of two or more agencies supplying power to a city in other parts of the country, these operate in demarcated areas.
In Seraikela-Kharswan district, according to sources, Jamshedpur Utilities & Services Company (Jusco)is investing around Rs 100 crore in infrastructure building. For the new licensed area, Jusco has planned a modern network and metering system. The power source for the area would be Damodar Valley Corporation (DVC) as well as the Tata plant at Jojobera, 15 km from here.
In the first phase, Jusco would construct a main 133kv sub-station at one end, and depending upon load, would construct another 13 sub-stations of 11kv or 33kv each to feed the localities.
''We would start with supplying power in nearby residential areas by May-June this year while industrial units can expect power by October-November,'' a Jusco spokesperson told FE recently.
Jusco, however, is yet to send its tariff proposal for the new district to Jharkhand State Electricity Regulatory Commission. The regulatory commission would, after hearing all parties concerned, decide on the tariff structure.
Jusco, a 100% subsidiary of Tata Steel, had in September 2006 received JSERC's licence to supply power to the district, which was so far a cash cow for the state-owned Jharkhand State Electricity Board (JSEB). However, JSEB's dismal performance in the district for some years now, in terms of the quantum of power, its quality and dependability, had forced its consumers to look for an alternative supplier.
It now remains to be seen how many customers the private sector Jusco will actually able to woo in the industrial area.
However, going by the dissatisfaction level among JSEB consumers in the area, many of whom have been operating diesel generating sets for years to meet industrial production targets, it seems Jusco would find the going smooth enough.
URL: http://www.financialexpress.com/fe_full_story.php?content_id=155279
Bengal govt in Rs 33,000 cr deal with DLF
KOLKATA: Buddhadeb Bhattacharjee's government on Monday signed the agreement for the largest public-private-partnership (PPP) model in the country involving an investment of Rs 33,000 crore — an industrial cum residential township in Dankuni — with DLF.
The township — Dankuni World — will come up over 4,840 acre of land in Dankuni of Hooghly district and is well connected, with NH-2 and 6, and Durgapur Expressway.
The township would be completed in 15 years, and would house population of six to eight lakh people. According to Buddhadeb Bhattacharjee, the concept is that one can "live and work" in Dankuni World.
The township will have an industrial segment over 750 acre with SEZs, green industries particularly textiles, food processing, light engineering and so on. The rest of the land would be used for residential purposes.
"Attempts would be made to start off the land acquisition process immediately," the CM said. It would be handed over to DLF. The township would also have schools, colleges, technical institutes, universities.
http://timesofindia.indiatimes.com/NEWS/India_Business/Bengal_govt_in_Rs_33000_
cr_deal_with_DLF/articleshow/1640365.cms
Ore supply plagues Mittal unit's $9 bln Jharkhand plan
NEW DELHI (Reuters) - The Indian unit of Arcelor Mittal is ready to invest $9 billion to set up a steel plant in Jharkhand if supplies of iron ore can be guaranteed, a top company official said on Tuesday.
"After getting reasonable assurances for the mines, we are ready for investment," Sanjeev Sengupta, director at the India office of the world's leading steelmaker, told Reuters.
Mittal signed an initial agreement with Jharkhand's state administration in 2005 and has since been working out the details, including the supply of raw materials.
Sengupta said the company would need 600 million tonnes of iron ore over the next 30 years.
In December, another Indian state, Orissa, cleared a separate proposal by the firm to invest in a 400 billion rupee ($9.06 billion) project in the mineral-rich region of Keonjhar.
A Jharkhand government official told Reuters there was no problem in giving the Mittal group a mining lease, but said the firm was mainly interested in mines also being sought by prominent state-owned steel maker SAIL.
Mittal representatives were likely to meet the state government soon, and top-level meetings would follow, the official said.
He said a team of top federal and Jharkhand bureaucrats met on Monday to discuss mining leases which could be offered.
The Mittal proposal would be developed in two phases, each with a capacity of six million tonnes. The first phase would be completed within four years, while the second would be up and running within a further four-and-a-half years.
The company may also build a 2,500 MW power plant to provide electricity to the steel unit.
Steelmakers and mining firms have been drawn to India by its relatively cheap labour and the world's third-largest combined deposits of coal and iron ore.
Mittal was the second foreign steel maker to make a move on India's ore reserves with steel demand likely to boom in step with India's fast-growing economy, which is expected to expand by over 9 percent in the year to March-end.
In June 2005, South Korea's POSCO signed a deal for a $12 billion steel project in Orissa, a record foreign direct investment for India, but problems acquiring land from local farmers have delayed construction.
http://www.ndtvprofit.com/homepage/news.asp?id=288455
Ispat to invest Rs 20 bn to cut costs
Ispat Industries (Q , N ,C, F)* (IIL) is setting up a one million ton a year pellet plant and a coke oven of similar capacity that will help reduce costs entailing an investment of Rs 20 billion, reports Economic Times.
The pellet plant will come up near Vishakapatnam in Andhra Pradesh. The plant will be near the Bailadila mines in Chhattisgarh, so it makes sense logistically and save transport costs. At present, Ispat Industries sources iron ore lumps from state mining agency NMDC, which operates the mines in Chhattisgarh.
The pellets will be later supplied to the company`s manufacturing capacity based at Dolvi in Maharashtra. It currently uses about a million ton of pellets in its 3.5 million tons per annum (mtpa) facility.
The 1 million ton coke oven at Dolvi will also help the company meet its coke needs, which at present is being imported from China. Coke is used in blast furnaces for the conversion of iron ore into iron.
IIL is also setting up a 600-MW coal-based power generation plant in Chhattisgarh. The power plant, scheduled to commence production in 2011, will come up in the Janjgir-Champa district of Chhattisgarh at an estimated cost of Rs 25 billion.
About 300 MW would be used for captive purposes. IIL is also setting up a 2.6 mtpa steel capacity in Jharkhand with an investment of Rs 67.50 billion. The capacity will be eventually enhanced to 5 mtpa.
Shares of Ispat closed at Rs 15.10, up by Rs 0.60, or 4.14% at the BSE. Total volume of shares traded was 623,258.(Monday 3:58 p.m)
http://www.myiris.com/newsCentre/newsPopup.php?fileR=20070220070155126&dir=2007/02/20&secID=livenews |
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| Hot issues of Today |
- Feb 15, 2007
- Feb 14, 2007
- Feb 13, 2007
- Feb 12, 2007
- Feb 11, 2007
- Feb 10, 2007
- Feb 09, 2007
- Feb 08, 2007
- Feb 07, 2007
- Feb 06, 2007
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