Hindalco profit sinks on high costs, plans to raise $124 million
Hindalco’s costs surged 24% during the quarter, with power expenses almost doubling.
Latest Stories
Rio Tinto’s long-awaited deal comeback is stuck in limbo
Rio has struggled to win investor support for the Turquoise Hill deal, forcing it to offer unusual terms to the most stubborn holdouts which appeared to be enough to close the deal.
Indian miners seek higher import tax on aluminum, zinc, copper products
The government should raise import taxes to 10%-15% on several aluminum products, including scrap to 10% from 2.5%.
Vedanta says state revenue share would make Barmer oil asset unviable
The government has said it is entitled to increase its revenue share from the block by 10%, having recently extended the contract for the Barmer asset by 10 years.
Mining People: FPX Nickel, Pan Global, SolGold, Fission 3, Inventus, Wolverine Resources
Key moves in the mining sector.
Australia extends $165 million in loans to local lithium miner
The 10-year debt facility will go toward expanding mining and processing at the Pilgangoora project.
France puts future of deep sea mining in doubt
A growing number of member states of the ISA have called for a “precautionary pause” or moratorium on mining due to the lack of scientific data on fragile and biodiverse deep ocean ecosystems targeted for exploitation.
ArcelorMittal’s Q3 profit beats expectations on energy savings
ArcelorMittal said it had cut its gas consumption in Europe by 30% in a bid to counter surging energy prices.
Growing human rights focus in due diligence for lenders
The growing focus on human rights goes well beyond the operational realm into a mining project’s entire upstream and downstream supply chain.
