Mining NEWS

New Delhi: State-owned CIL is looking at green mining options by leveraging a slew of eco-friendly technologies in both underground and opencast mines, a move that would help in augmenting the production and reduce the adverse impact on environment. With land turning out to be a major pain point for expansion of coal mining operations, these technologies bypass land acquisition and avoid its degradation. "Coal India Ltd (CIL) is taking a close look on green mining options in a bid to minimize adverse environmental impact by leveraging a slew of eco-friendly technologies in its underground and opencast mines," the maharatna firm said.

While the London-based parent will continue to be the holding company of the diversified mining group, Vedanta Ltd and the three businesses will operate parallelly as independent, listed companies.

One of the world’s largest mining and steel manufacturing companies — ArcelorMittal — has announced grand plans to develop renewable energy assets in India. According to media reports, ArcelorMittal has expressed interest in developing renewable energy projects in the Indian states of Rajasthan and Gujarat. The company is believed to have proposed a 4.5-gigawatt solar park in Rajasthan with an estimated investment value of $2.6 billion. The news reports, however, did not mention the timeline for development of this project. In the recent past, Rajasthan has attracted investment in solar power park development from many private companies in India. These include Adani and IL&FS. These ventures have been highly successful with associated project auctions yielding some of the lowest tariff bids in India.

The rising energy usage of blockchains has recently been facing increasing public scrutiny. Most recently, Tesla CEO Elon Musk announced that the company would suspend vehicle purchases using Bitcoin and only resume once mining shifts to more sustainable energy sources while Tesla studies other, more efficient, cryptocurrencies. Interestingly, the recipient of the first-ever Bitcoin transaction.

Weir Group yesterday completed the acquisition of mining tools firm, ESCO, in a deal amounting to $1.3 billion. The terms of the acquisition dictates that ESCO shareholders will be paid as a mix of 59% of the deal value in cash, and the remainder in shares. The Scottish company sees the move as part of shift to focus on opportunities in its core minerals and oil & gas sectors. weir-group-acquires-mining-tools-firm