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.
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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.
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