The new measure will affect global mining firms including First Quantum Minerals, Glencore, Barrick Gold Corp and Vedanta Resources which currently pay a flat rate of 9.30 cents/kWh.
Vedanta Resources Mining News
Vedanta's Deshnee Naidoo told Reuters, adding that KCM is on track to produce 400,000 tonnes of copper a year in the next few years.
Deadly protests last week over alleged pollution from the Tuticorin smelter have prolonged a shutdown of the 400,000 tonnes-a-year operation. This time it seems to be forever.
Company is accelerating expansion of its African zinc operations to take advantage of a surge in zinc prices.
India's Supreme Court in February quashed all iron ore mining permits in the southwestern state of Goa, one of the top producing states for the steel making raw material.
The transaction, financial details of which were not disclosed, is part of India's new bankruptcy law.
The maintenance activity, originally scheduled for April, comes amid media reports that thousands had taken to the streets and shut shops in Thootukudi to protest against the expansion of the smelter.
Company's shares fell as much as 5.5% on the news that the Indian Supreme Court had cancelled all the 88 existing iron ore mining licences in the Indian coastal state of Goa.
Indian commodities billionaire said the rally in Anglo American Plc vindicated his personal bet in the mining group.
Stuart Chambers faces investor calls for clear direction at the company, long seen as a potential takeover target.
He intends to buy as much as 1.5 billion pounds (about$2 billion) worth of additional Anglo American shares.
The news follows the exit of former Anglo American CEO Cynthia Carroll, who stepped down last month.
Deal would make of Volcan Investments Ltd., Agarwal's family trust, the second-largest investor in Anglo American.
Vedanta Resources’ chairman Anil Agarwal allegedly approached Anglo in several opportunities earlier this year to discuss potential tie-ups.
Carroll, who led Anglo American from 2007 to 2013, will chair the company’s Vedanta Resources Holdings Ltd. unit and advise the group’s chairman.
The country’s environmental management authority found the copper concentrate imported from Chile had high levels of arsenic, a toxic substance.
Konkola Copper Mines, owned by Vedanta, said the move was a result of poor metal prices, which has hit the global copper industry very hard.
India's private iron ore producers are likley to suffer the effects of high costs, low prices and a poor export market.
London-listed Vedanta Mining (LON:VED) will be in court to defend itself against claims by hundreds of Zambian villagers that its copper mining operations polluted a water source and farmland.
Power restrictions could hit output of most copper mines operating in the country.
The Chamber of Mines wants the government to reconsider its decision to hike corporate income tax rate on mineral processing from 30% to 35%, which came in effect July 1.
The move puts an end to a nearly nine-month standoff that has hit output and profits in Africa’s second largest copper producer.
The country's national pension fund has bought 15.9 million shares of Zambia's Consolidated Copper Mines-Investment Holdings for almost $80 million.
Mines minister Christopher Yaluma said reducing royalties below the recently revised 9% would make underground mining more cost effective.
The announced changes will be effective on July 1, once parliament has approved them.