Coronavirus company news summary – Philippines mining sector could boost recovery – Coal India reports decline in profit – Tata Steel Mining to bid for Indian chrome ores

12 November 2020 (Last Updated November 12th, 2020 09:30)

12 November

Tata Steel’s subsidiary Tata Steel Mining (TSM) plans to bid for the Saurabil, Sukinda and Kamarda chrome mines in Odisha, India could trigger a rise in domestic market prices. The company will be bidding at a price 90% above the one set by Indian Bureau of Mines (IBM). TSM will pay 90% of monthly value of IBM’s fixed price for one tonne of chrome ore as tax to the state government. The Covid-19 pandemic forced TSM to limit its mined chrome ore shipments due to lockdown restrictions and labour shortages.

The Philippines has underscored the importance of its mining sector in rebounding from the Covid-19 crisis. The sector is helping in the development of rural areas by providing employment and placing itself in a position to support the economy. Mining companies have also supported the government in the Covid-19 crisis by supplying sanitisers, food and medicines.

Coal India reported a 16% decline in its net profit on a year-on-year basis to $397m in the third quarter, down from the $474m net profit it recorded in Q3 2019. The company’s net sales during the quarter surged by 14%, compared with the second quarter where it registered net sales of $2.28bn, thanks to demand recovery in the power sector after Covid-19 lockdown restrictions were eased.