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The black grit that beat Bitcoin's rally and didn't slump

By: Bloomberg     11th September 2018 China’s push for blue skies has caused an obscure steelmaking ingredient to fuel gains of as much as 2,600 percent since the start of 2017 for the few companies that supply it, minting at least one new billionaire. The material is graphite, a form of carbon that has seen demand soar because of... 

Gold may hit $1 300 by end of year, ICBC says

By: Bloomberg     6th August 2018 Gold’s plunge to the lowest level in more than a year may be close to ending, and prices could climb back to $1 300 by December, according to ICBC Standard Bank. Bullion is set to average $1 26/oz in the third quarter and rise further in the following three months as interest rate increases are... 

World Diamond Congress to be held in Mumbai in October

By: Schalk Burger     11th July 2018 The World Federation of Diamond Bourses (WFDB) has announced that the 2018 World Diamond Congress, the biannual meeting of the WFDB and the International Diamond Manufacturers Association (IDMA), will take place in Mumbai, India, from October 23 to 25. “This is a very important meeting where we... 

India's June gold imports drop by a quarter as rupee hits record low

By: Reuters     6th July 2018 India's gold imports fell for a sixth month in June to 44 t as a drop in the rupee to record lows lifted local prices to a near 21-month high, curtailing demand, provisional data from GFMS analysts at Thomson Reuters and bank dealers showed. The 25% year-on-year drop in purchases by the world's... 

Copper supply shock hits India as top plant ordered to close

By: Bloomberg     29th May 2018 India faces a copper supply shock after a state government ordered billionaire Anil Agarwal’s Vedanta to shut down a plant permanently following deadly protests in a move that will slash nationwide output and stoke demand for imports. The company’s shares fell. The Tamil Nadu government directed... 

Billionaire's battered miner may face investor, political unrest

By: Bloomberg     28th May 2018 A troubled 2018 so far for billionaire Anil Agarwal’s Vedanta may get worse amid concern that its key copper smelter in southern India could remain shut until 2019, further pressuring a stock that’s down 25% since the start of the year. Deadly protests last week over alleged pollution from the... 

Agarwal wants to build Indian commodity giant to rival majors

By: Bloomberg     25th May 2018 Billionaire industrialist Anil Agarwal plans to leave behind a legacy: an Indian resources group to rival the world’s biggest. The founder and owner of Vedanta Resources wants to keep building the company into a giant producer of the commodities that India needs to curb its reliance on imports,... 

Alrosa reopens office in world’s largest diamond jewellery market

By: Creamer Media Reporter      22nd May 2018 Russian diamond miner Alrosa has successfully held its first auction in two years in the US, following the recent reopening of its representative office in New York. The New York office was first opened in 2006, but has not operated since 2016. 

Legal fight, delays force Adani writedowns on Carmichael Coal

By: Bloomberg     11th May 2018 Indian conglomerate Adani Enterprises Ltd. has taken a 896.4-million rupees ($13.3-million) writedown on its Carmichael coal mine in Australia’s Queensland state due to delays and legal challenges. The impairment charge was booked by its Australian unit Adani Mining Pty in the quarter ended... 

Alrosa opens Mumbai representative office

By: Creamer Media Reporter      19th April 2018 Russian diamond miner Alrosa has opened a representative office in Mumbai, India, on the territory of the Bharat Diamond Bourse. The office will not conduct any trading activity and will be concentrated on strengthening ties with Indian market, the company said on Thursday. 

India's March gold imports halve as price rally dents demand – GFMS

By: Reuters     9th April 2018 India's gold imports in March halved from a year ago to 52.5 t as a rally in local prices to 16-month high slashed demand in the world's second-biggest consumer of bullion, provisional data from precious metals consultancy GFMS and bank dealers showed. The drop in purchases by India, though,... 

Vedanta wins bid to buy bankrupt Electrosteel Steels

By: Reuters     2nd April 2018 Vedanta, the Indian unit of diversified mining group Vedanta Resources, said on Saturday it had won in an auction to acquire bankrupt Electrosteel Steels. The transaction, financial details of which were not disclosed, is part of India's new bankruptcy law, which is aimed at cutting close to... 

Vedanta dividend payout hits record

By: Megan van Wyngaardt     13th March 2018 LSE-listed Vedanta Resources’ subsidiary Vedanta Limited on Tuesday declared a record interim equity dividend of $1.2-billion. Vedanta Resources would receive $600-million of this dividend, the company said, sending its shares in London up 2.6% to £7.82 a share. 

India demand picks up after tax announcement

By: Reuters     2nd February 2018 Demand for physical gold improved this week in India as jewellers resumed purchases after the government kept import taxes on the precious metal unchanged, while buying remained subdued in most other centres in Asia. Jewellers in India had delayed purchases earlier this week and offered gold at... 

Alrosa appoints director for soon-to-be-opened Indian office

By: Creamer Media Reporter      25th January 2018 Diamond mining company Alrosa has appointed Jim Vimadalal, who previously worked at the Indian offices of Rio Tinto and Swarovski, as director of its representative office in Mumbai. The Indian office is scheduled to open in March. 

Gold's bulls and bears have plenty to chew over in New Year

By: Bloomberg     29th December 2017 It is not just politics that’s polarised right now. Gold investors are also split down the middle. A Bloomberg survey of 38 market professionals shows a $700 divide between the most optimistic and most pessimistic forecasts for prices next year. That leaves the median estimate of $1 290/oz at... 

India silver imports seen extending rebound from four-year low

By: Bloomberg     15th December 2017 Silver imports by India, one of the world’s top buyers, may keep rising next year after bouncing back this year from a four-year low in 2016, boosted by weak prices. Overseas purchases are estimated at as high as 5 500 metric tons in 2017 and may rise to about 6 000 t next year, surging from 3... 

Inside one billionaire's fight against global iron-ore glut

By: Bloomberg     24th October 2017 The global iron-ore market may be oversupplied for as long as half a decade, keeping prices under pressure, according to billionaire Anil Agarwal’s Vedanta, which plans to fight back by raising the quality of its output amid a global shift toward higher-grade material being driven by China’s... 

Coal India signs salary increase deal with workers unions

By: Bloomberg     11th October 2017 Coal India Limited signed an agreement with workers unions to raise salaries of its non-executive staff, ending months of negotiations over the increase that affects pay until 2021. The State-run miner will incur an average annual cost of 56.67-billion rupees ($868-million) because of the rise,... 

World's first diamond futures exchange starts trading in India

By: Bloomberg     28th August 2017 The world’s first diamond futures exchange will begin trading in India on Monday, enabling companies in the largest producer of the cut and polished gems to better hedge price risks. “Indian manufacturers most require this type of financial product,” said Sanjit Prasad, MD of the Indian... 

Gupta firms sue Bank of Baroda to try stop account closures  

By: Bloomberg     17th August 2017 Companies controlled by the Gupta family, whose accounts are being closed down by Bank of Baroda, said they’re taking legal action against the lender to try and stop the termination, which comes after South Africa’s four biggest lenders cut banking services for the family that’s in business with... 

Russian bank sees gold jumping to $1 400 on world tension

By: Bloomberg     14th August 2017 Gold prices are set to jump to a four-year high of $1 400/oz by the end of the year over mounting tensions between North Korea and the US, and surging demand in the world’s biggest consumers, according to the head of precious metals at a Russian investment bank. Bullion could rise to $1 360/oz... 

Top India court orders policy changes to stop 'rapacious' mining

By: Bloomberg     2nd August 2017 India’s top court has directed the government to revise the National Mineral Policy by December at the latest to more effectively regulate the mining industry and stop illegal activity. A two-judge Supreme Court panel, led by M.B. Lokur, said the policy effective from 2008 “seems to be only on... 

India's Vedanta Q1 consolidated profit doubles

By: Reuters     25th July 2017 Vedanta, the Indian unit of diversified energy group Vedanta Resources, reported a doubling of quarterly consolidated profit on Tuesday, as higher zinc prices helped the company to reap improved margins. Consolidated profit came in at 15.25-billion rupees in the quarter ended June 30, with... 

Zinc rally set to last as producer sees best price in decade

By: Bloomberg     21st July 2017 The rally in zinc prices has the potential to jump this year to levels not seen in a decade as demand continues to outstrip supply amid mine output disruptions, according to Hindustan Zinc, Asia’s biggest producer by market value. Prices may rise to about $3 000 a metric ton on the London Metal... 

Belgian bank KBC seizes assets from storied Antwerp diamond firm

By: Bloomberg     4th July 2017 Belgian bank KBC Group seized assets from one of the diamond industry’s most storied names as it seeks to recover unpaid loans, according to court documents. KBC is seeking to recover €26-million ($29-million) from Exelco, and had bailiffs search the firm’s Antwerp offices as well as offices... 

India tax hike could boost illegal bullion, jewellery sales

By: Reuters     4th July 2017 A hike in taxes on gold sales in India could stoke under-the-counter buying and drive up appetite for precious metal smuggled into the country, where millions of people store big chunks of their wealth in bullion and jewellery. As part of a new nationwide sales tax regime that kicked in on July... 

Adani must pay royalties on Carmichael mine, Queensland says

By: Reuters     26th May 2017 India’s Adani Group will be required to pay full royalties on its $16.5-billion Carmichael coal project in Australia’s Queensland, according to the state’s premier. The Carmichael mine “will pay every cent of royalties in full” under a new policy unanimously agreed to by the state’s cabinet for... 

India's Vedanta swings to profit after metal rally, zinc payout

By: Bloomberg     15th May 2017 Vedanta reported a fourth-quarter profit as India’s biggest base metals producer benefited from a rally in prices and a special dividend announced by its zinc arm. Net income attributable to owners was 14.1-billion rupees in the three months through March and revenues were Rs246.1-billion, the... 

Supply disruption hits Vedanta's aluminium plant in eastern India

By: Reuters     20th April 2017 Diversified miner Vedanta said on Thursday its 500 000 t aluminium smelter in the eastern state of Odisha was hit by a power outage this week that damaged over one-third of its processing capacity. The company said 228 out of a total of 608 pots that process molten aluminium were damaged by the... 

Law firm aides two major Guinea projects

14th April 2017 Global law firm Norton Rose Fulbright’s teams in London, New York, Paris, Singapore and Washington have successfully advised on two mining projects in Guinea. The team assisted bauxite producer Compagnie des Bauxites de Guinée (CBG) in reaching financial close for the financing of its Sangaredi... 

Billionaire Agarwal creates BHP-style Indian resources major

By: Bloomberg     12th April 2017 Anil Agarwal has sealed the merger of his mining and energy businesses in India, creating a BHP Billiton-like resources conglomerate, even as a recent investment in Anglo American Plc raises questions about how far the-billionaire’s ambitions stretch. Vedanta combined with unit Cairn India on... 

Adani coal mine in Australia faces fresh wave of protests

By: Bloomberg     22nd March 2017 A new environmental campaign to stop the development of Adani Group’s $16.5-billion coal mine in Queensland will be launched Wednesday with the high-profile backing of former Australian Greens party leader Bob Brown. “Adani and the federal government have no idea of the scale of opposition and... 

Adani to start Carmichael construction in August

By: Esmarie Iannucci     20th March 2017 Construction on the A$21.7-billion Carmichael coal and rail project is expected to start in August, Indian major Adani confirmed to Mining Weekly Online. Chairperson Guatam Adani told a media conference in Mumbai that the outstanding approvals and licences were in the pipeline for approval and... 

Indian gold imports said to almost triple on wedding demand

By: Bloomberg     8th March 2017 Gold imports by India, which competes with China for the role of world’s biggest consumer, are said to have risen almost three-fold in February from a year earlier as jewelers increased stockpiles before the festival and wedding period that starts next month. Shipments jumped 175% to 96.4 metric... 

Gold set for best month since June as investors fret over Trump

By: Bloomberg     31st January 2017 Gold climbed back above $1 200 and headed for its best month since June as jitters over Donald Trump’s actions since he took office as US President just over a week ago sent investors scurrying for a haven. Bullion has risen almost 5% in January, partly recouping a 13% loss in the fourth quarter,... 

India’s diamond exports to top buyer US seen rising on Trump

By: Bloomberg     13th January 2017 India’s diamond cutters, who polish 14 of every 15 of the world’s gems, are betting on Donald Trump to sustain the expansion of their biggest market in the US, even as Asian buying of luxury stones falters. India expects to export 10% to 15% more polished diamonds to the US in the year beginning... 

Financing solutions will be focus of diamond summit

By: Martin Creamer     12th January 2017 Finding real solutions to a wide range of financing problems will be the intense focus of the diamond industry's upcoming Presidents’ Meeting and Finance Seminar in Mumbai next month, where a financing task force is expected to be created. The biennial meeting of the World Federation of Diamond... 

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