Bars to Become Cheaper
Bars are expected to become cheaper in the coming days. In the past month, the price of bars has decreased by Rs 5,000 per ton. At one point, the price had reached Rs 80,000 per ton, but it is now gradually declining.
WhatsApp Group Join Now Telegram Group Join Now
Price Drop
Over the last month, bar prices have seen a significant drop. A reduction of Rs 5,000 per ton is beneficial for consumers and builders alike, as it will also lower construction costs.
Impact on Construction Industry
The decrease in bar prices will have a direct impact on the construction industry. Lower prices will reduce the overall cost of construction, providing an advantage to builders. This could accelerate construction projects and increase the number of new projects.
Potential Market Changes
The drop in bar prices may lead to various changes in the market. Lower prices could boost the demand for bars, potentially increasing production. Additionally, market competition might intensify, leading to further price reductions.
Relief for Consumers
Consumers will also benefit from the decrease in bar prices. Building a house or undertaking any construction project requires bars, and lower prices can help reduce overall project budgets. This will lower the total cost of their projects.
Future Prospects
After the drop in bar prices, it will be interesting to see how long this trend continues. If prices keep falling, the construction industry could enjoy long-term benefits. However, other market factors could also influence prices.
Conclusion
The decline in bar prices will provide significant relief to both the construction industry and consumers. This downward trend may continue in the coming days, leading to positive changes in the market.
Lower prices could accelerate construction projects and increase the number of new projects. Overall, the decrease in bar prices will benefit everyone and could be a positive sign for the construction sector.
In the scorching summer, rows of towering date palm trees and vibrant desert tamarisk create a lifeful scene at the Ahdab Oilfield in Iraq's Wasit Province, a stark contrast to the saline wasteland it once was.
The Ahdab Oilfield, Iraq's first post-war international oil cooperation project, broke ground in 2009 and commenced production in 2011. Operated by China's Al-Waha Petroleum Company since its inception, the project reflects a commitment to both energy production and environmental stewardship.
"Our company not only tries hard to increase oil production but also pays close attention to protecting the local environment," said Jiang Ming, general director of Al-Waha Petroleum, emphasizing his company's belief that protecting the environment is just as important as producing oil.
Iraq is a country rich in oil and gas, but it has long struggled with the environmental consequences of its energy industry. The practice of flaring associated gas — burning off natural gas produced alongside oil — has been a particular problem. But at Ahdab, the story is different.
In late 2011, the central processing plant of Ahdab Oilfield was completed, making it Iraq's first facility to fully cover oil, gas, and water treatment processes.
The plant converts this valuable resource into sulfur, dry gas, and liquefied petroleum gas (LPG), significantly reducing waste and emissions. The dry gas is used to power the oilfield and is also exported to Iraq's largest thermal power plant, helping to meet the country's growing energy demand.
To date, the Ahdab Oilfield has produced over 5 billion cubic meters of dry gas, over 600,000 tons of LPG, and about 18,500 tons of sulfur, according to Jiang.
To further minimize its environmental impact, Ahdab has implemented a comprehensive wastewater recycling system. Produced water, a byproduct of oil extraction, is treated and reinjected into the oil reservoir to maintain pressure. Domestic sewage from the oilfield is also treated and reused for irrigation.
The efforts of Al-Waha Petroleum have not gone unnoticed.
The company has received numerous awards for its environmental achievements, including the China Construction Engineering Luban Prize, China's most prestigious award for architecture and construction, for the oilfield's surface construction. Iraq's oil ministry also highly praised the oilfield's contribution to green development in the country's energy sector.
"Over the past 15 years, the company has not only brought over 20 billion US dollars worth of revenue to Iraq but also planted more than 10,000 trees, thus realizing the synergistic development of economic and ecological benefits," Jiang said.
Subsea7 is closely watching Suriname’s offshore oil sector, with hopes of winning a massive subsea contract to support TotalEnergies’ Block 58 project.
In a Q2 earnings presentation, Subsea7 listed the Suriname project among a selection of Invitations to Tender (ITT) in-house or expected in the next 12 months. It expects the contract to be valued in excess of US$1.25 billion for an integrated subsea umbilicals, risers and flowlines – subsea production system (SURF-SPS).
TotalEnergies plans to make a final investment decision (FID) on the project in 2024, alongside Block 58 partner, APA Corporation. The project’s total development cost is currently estimated at US$9 billion.
The first such development offshore Suriname is targeting production of approximately 700 million barrels of oil at 200,000 barrels per day (b/d). TotalEnergies has reserved one of SBM Offshore’s Fast4Ward hulls for the floating production, storage and offloading (FPSO) vessel. The life of the production is expected to be 25-years, starting in 2028.
Subsea7’s other most valuable prospects are located in Brazil. They involve the four Petrobras-led projects – Buzios 10, Buzios 11, Atapu 2, and Sepia 2. Subsea7 is also closely watching the Bacalhau Ph 2 project led by Equinor. All of these prospects, like the Block 58 contract, are estimated by Subsea7 to be valued in excess of US$1.25 billion.
Subsea7’s Chief Executive Officer, John Evans, said, “The outlook for incremental work in Brazil remains very good, with several projects on the bidding horizon, valued at multiple billions. Elsewhere, there’s a wide range of small and medium-sized projects in deepwater markets in the US, Gulf of Mexico, West Africa, Turkey and beyond.”
He said Subsea7 is confident that it has a strong tendering pipeline that can support continued momentum in its subsea order intake. Its bidding for subsea work remains active, with in-house tenders exceeding US$21 billion.
Subsea7 recently completed offshore pipe-laying for the Gas-to-Energy project in Guyana, in partnership with Van Oord.
TotalEnergies is the operator of Block 58 with a 50% interest, alongside APA Corporation (50%). Staatsolie has the option to enter the development project with up to 20% interest upon FID.
None of us would like to be called a fossil, even as we grow to resemble one. The term implies antiquity, obsolescence, failure, even passage beyond the point of extinction. As a contrast to the commonly popular term for “renewable” fuels, the label “fossil fuel” carries huge baggage. This is not an accident. In the race for public acceptance, “fossil fuels” start with a brontosaurus tied on as dead weight. (“Mom! Don’t put that in your car! It was a dinosaur!”)
But it wasn’t. Thick beds of ancient plant matter, plankton and microbes built up and then were covered under earth and chemically decayed into these fuels, over great stretches of time, much as is still happening with peat (another carbon fuel.) Technically, they could be called biofuels quite correctly, but to distinguish them from the modern biofuels being brewed or distilled from fresh plant matter, the extracted ancient versions can be called carbon fuels.
And, agreed, they are not renewable, given the long lead time of their creation. In theory they could run out. Such a prediction is made all the time, and all the time they keep finding more. Good stuff. We still need carbon fuels, parts of the world are just getting around to using them in homes, and they will be in heavy use for decades and decades to come.
ExxonMobil has posted revenue of $93 billion in the second quarter of 2024, which is an increase from almost $83 billion a year earlier.
It also reported earnings of $9.2 billion in the second quarter. The amount is 16 per cent higher than the same period of 2023 as its upstream.
These were contained in a company statement seen by Sunday Telegraph yesterday.
It also reported it’s highest ever oil production in the second quarter of 2024, underpinned by its prolific assets in Guyana and the US Permian basin.
According to the report, production in the quarter averaged 4.358 million barrels of oil equivalent per day, an increase of 15 per cent, or 574,000 bpd, compared to the first quarter.
ExxonMobil presented its second-quarter earnings which showed that profits and revenues are both higher than they were the same time last year, with the oil giant clearing $9.2 billion on a $93 billion bottom line (up 17 per cent and 12 per cent respectively). Fueling all that cash is record oil production — including from a Caribbean claim that has the company tied up in legal proceedings with its biggest rival.
Chief Executive Officer, ExxonMobil, Darren Woods said in a statement accompanying the financials that Exxon was pumping 4.1 million barrels of crude-equivalents a day.
He said: “We delivered our second-highest 2Q earnings of the past decade as we continue to improve the fundamental earnings power of the company,”
“We achieved record quarterly production from our low-cost-of-supply Permian and Guyana assets, with the highest oil production since the Exxon and Mobil merger.”
https://newtelegraphng.com/q2-exxonmobil-records-93bn-revenue-achieves-highest-ever-oil-production/
Badawi, Capricorn Executives Discuss Future Projects in Egypt
Minister of Petroleum and Mineral Resources Karim Badawi met with the CEO of Capricorn Energy Randy Neely and the company’s Managing Director in Egypt Eleanor Rowley in New Alamein City where they discussed the status of the company’s current and future work in Egypt.
They also discussed ways of cooperation to increase production of oil and gas from the company’s concession areas in the Western Desert. This aligns within the framework of the Ministry’s vision, which is centered around several key axes, primarily increasing the production of crude oil and gas, reducing production costs, and enhancing the role of modern technology in maximizing and increasing production while reducing carbon emissions.
Badawi underscored the ministry’s unwavering support to all investment partners as well as addressing any challenges that may arise and fostering new investment opportunities in research and exploration.
Additionally, he emphasized the importance of maintaining a safe and healthy work environment through strict adherence to occupational safety and health regulations.
During the meeting, Capricorn’s strategic priorities in Egypt were outlined, which include enhancing the performance and operational activities of its assets as well as exploiting its technical capabilities by identifying potential opportunities for the development of oil and gas resources in cooperation with the Egyptian General Petroleum Corporation (EGPC).
https://egyptoil-gas.com/news/badawi-capricorn-executives-discuss-future-projects-in-egypt/
WANA (August 04) – According to the Ministry of Oil, a Reuters survey on August 2nd revealed that OPEC’s oil production increased in July, with Iran’s output reaching its highest level in six years.
The increased oil supply from Saudi Arabia and slight production growth in other OPEC member countries offset the voluntary production cuts by other OPEC and OPEC+ members. Data shows that OPEC produced 26.7 million barrels per day last month, an increase of 100,000 barrels per day compared to June.
OPEC+ announced that to support the oil market, it will continue its production cut plan until the end of 2025. Saudi Arabia saw the largest supply increase, with an additional 70,000 barrels per day, bringing its total production to 9 million barrels per day. Nigeria experienced the largest production decrease, with a reduction of 30,000 barrels per day.
Oil production in Libya, Iran, and Iraq increased, with Iran boosting its oil exports despite ongoing U.S. sanctions. Iraq’s oil production and exports also grew compared to June. The Reuters survey indicated that OPEC’s daily oil supply is about 240,000 barrels above the target set for nine of its members under the OPEC+ production cut agreement, with most of this excess production coming from Iraq.
Nigeria has added another low-sulphur crude grade called Utapate as the country struggles to ramp up daily oil production.
The Utapate terminal was recently launched in the Niger Delta region, according to data from Bloomberg.
The report stated that the new terminal produced almost 19,000 barrels per day in June, with a production to reach 50,000 by the end of 2024.
Utapate, a subsidiary of state-owned Nigerian National Petroleum Company Limited, and venture partner, Natural Oilfield Services Limited, loaded the first export cargo last month, according to people familiar with the matter.
The light and low-sulphur oil is among the numerous crude grades produced in Nigeria.
According to tanker-tracking data compiled by Bloomberg, the Suezmax Front Seoul loaded Utapate on July 24.
The vessel is now headed to Las Palmas in the Canary Islands. The Utapate grade is set to be processed in both Europe and Asia.
The first shipment of Utapate is destined for the Spanish refiner Repsol SA.
As of June, Nigeria’s daily production stood at 1.25 million barrels per day, according to the Organisation of the Petroleum Exporting Countries and the Nigerian Upstream Petroleum Regulatory Commission.
Recently, the NUPRC Chief Executive, Gbenga Komolafe, disclosed that daily oil production has risen to 1.6mbpd in July.
This claim has yet to be confirmed as the data for July has yet to be released.
Similarly, the NNPC has also said it would do everything possible to achieve 2mbpd.
Experts said this is the only way the NNPC could conveniently sell 450,000bpd to Dangote and other local refineries as directed by President Bola Tinubu.
https://punchng.com/nigeria-unveils-utapate-new-low-sulfur-crude-grade/
China Petroleum & Chemical Corporation (Sinopec) has announced the inauguration of the Energy and Chemical Industry Chain Carbon Footprint Alliance in Beijing, China.
The initiative, spearheaded by eight leading Chinese companies in the energy and chemical sectors, including Sinopec, CNPC, and CNOOC, will see the alliance members jointly establish a carbon footprint management system with an improved carbon footprint calculation mechanism by 2027, empowering the sectors and China to accelerate the drive toward a low-carbon future.
The alliance issued a declaration for its missions, committing to creating a high-quality, open platform for sharing technical expertise and cooperation. The members are poised to establish a product carbon footprint management system and develop carbon footprint accounting standards for 20 key products by 2027, alongside a localized product carbon footprint factor database, fostering international exchange and mutual standard recognition to strengthen global climate governance.
A carbon footprint is the total greenhouse gas emissions generated directly and indirectly by an individual, organization, product, or state over a period.
Highlighting Sinopec's green strategy and its contributions to global low-carbon development targets in recent years, Wan Tao, Deputy General Manager of Sinopec, noted that the company promotes the development of clean fossil fuels while expanding renewable energy use and carbon reduction in manufacturing processes. Together with alliance members, Sinopec aims to enhance collaboration, share information, and consolidate resources to establish a carbon footprint management system, steering the industry toward green and low-carbon development, he added.
Karora Resources Inc. (TSE:KRR – Get Free Report) shot up 3.4% during trading on Friday . The company traded as high as C$6.98 and last traded at C$6.76. 26,700 shares were traded during trading, a decline of 96% from the average session volume of 669,523 shares. The stock had previously closed at C$6.54.
Get Karora Resources alerts:
Analyst Upgrades and Downgrades
A number of research firms have recently commented on KRR. Eight Capital cut Karora Resources from a “buy” rating to a “neutral” rating and lowered their target price for the stock from C$7.00 to C$5.90 in a research note on Wednesday, April 10th. Desjardins boosted their price objective on Karora Resources from C$5.65 to C$5.97 and gave the company a “tender” rating in a research note on Thursday, June 6th. Finally, Canaccord Genuity Group boosted their price objective on Karora Resources from C$8.25 to C$9.00 in a research note on Tuesday, July 23rd.
View Our Latest Research Report on Karora Resources
Karora Resources Stock Up 2.4 %
The stock has a 50 day moving average of C$6.11 and a 200-day moving average of C$5.26. The firm has a market capitalization of C$1.20 billion, a P/E ratio of 134.00 and a beta of 2.06. The company has a debt-to-equity ratio of 17.18, a quick ratio of 1.04 and a current ratio of 1.68.
Karora Resources (TSE:KRR – Get Free Report) last announced its quarterly earnings results on Monday, May 13th. The company reported C$0.07 earnings per share for the quarter. Karora Resources had a return on equity of 2.49% and a net margin of 2.14%. The firm had revenue of C$115.54 million for the quarter. Research analysts predict that Karora Resources Inc. will post 0.6099675 earnings per share for the current fiscal year.
Karora Resources Company Profile
Karora Resources Inc operates as a multi-asset mineral resource company in Australia. The company explores for gold, silver, and nickel deposits. It holds 100% interests in the Beta Hunt mine; the Higginsville Gold operations; and Spargos Reward Gold project located in Western Australia. The company was formerly known as Royal Nickel Corporation and changed its name to Karora Resources Inc in June 2020.
https://www.defenseworld.net/2024/08/04/karora-resources-tsekrr-shares-up-3-4.html
Complaint registered, efforts underway to restore power supply: PDD
Baramulla: In a shocking incident, burglars in Jehama village of Rafiabad in north Kashmir’s Baramulla district have stolen the copper core coils from a 250kv transformer, affecting the electricity supply in the area.
The news agency has learnt from the residents, who discovered the theft early in the morning, prompting them to report the incident to the authorities.
The bizarre incident has disrupted the electricity supply.
The incident occurred during night hours. The body of the transformer was left, while the copper core coils were meticulously extracted after cutting both power supply lines, they said.
The authorities have taken cognizance of the incident and initiated an investigation to arrest the culprits besides efforts are being made to restore the power supply in the area.
“This is an unprecedented and bizarre incident, it has never happened before. We are left in darkness, causing distress in the village”, Sofi Ghulam Mohammed, a local resident said.
“I haven’t witnessed such an incident in my 40 years of service, said PDD inspector, Abdul Qayoom. He said that they have lodged a complaint at the nearby police post.
Efforts are underway to restore the power supplies in the area, he added—(KNO)
https://risingkashmir.com/burglars-steal-copper-core-coils-from-250-kv-transformer-in-rafiabad/
MELBOURNE (Reuters) - The International Seabed Authority (ISA) has elected Leticia Carvalho of Brazil as its next secretary general, as pressure mounts for a pause on efforts to mine the sea floor for minerals for use in the energy transition.
Carvalho replaces two-term incumbent Michael Lodge, the ISA said in a statement on Friday. Her four-year term as head of the United Nations-mandated body that regulates sea-floor mining will start in 2025.
The appointment of Carvalho, who formerly worked for Brazil's oil regulator, could trigger a change in approach at the ISA.
Carvalho told The Guardian last month that rules governing deep-sea mining will take time and that no mining application should be approved before they are complete.
Canada's The Metals Company (TMC) has said it is seeking a licence by year-end to extract minerals from the ocean floor.
MEETINGS
The ISA last week finished a series of meetings in Kingston, Jamaica, where the 36 member council was drafting a mining code that would regulate the exploration and extraction of "polymetallic nodules" and other deposits on the ocean floor.
Negotiators have been racing to ensure that formal rules are in place before mining activity begins. Those rules are not likely to be completed until next year.
As many as 32 states have called for a pause on deep-sea mining, said the Deep Sea Conservation Coalition, a group of non-governmental organisations that oppose deep-sea mining.
"Many (states) are calling for a moratorium or precautionary pause on deep-sea mining until we have the science needed to inform a robust evidence-based regulatory framework that protects ocean ecosystems from harm," said Julian Jackson, seabed mining project director at The Pew Charitable Trusts.
The rush to complete the mining code was triggered by the Pacific island state of Nauru saying it would submit a mining licence application on behalf of TMC, which triggered the so-called "two-year rule" in 2021.
That rule allows mining applications to be submitted within two years, whether the mining code has been finalised or not.
Environmental groups have called for all seabed activity to be banned, arguing that industrial operations on the ocean floor could cause irreversible biodiversity loss.
TMC has said extracting nodules from the ocean floor is far less damaging than terrestrial mining and will boost supply of elements such as nickel and cobalt that are widely considered vital for the global energy transition.
(Reporting by Melanie Burton; Editing by Christopher Cushing)
https://uk.news.yahoo.com/sea-bed-regulator-elects-secretary-081409853.html
The weekly average price of SMM 8-12% high-grade NPI was 1,000 yuan/mtu (ex-factory, tax included), up 12.9 yuan/mtu from a week ago. The Indonesian NPI FOB index increased by $2.1/mtu from a week ago. This week, NPI prices continued their upward trend.
Supply side, domestically, the current average price of high-grade NPI fluctuated upwards, breaking through 1,000 yuan/mtu. The losses of domestic smelters have been narrowing consecutively, enhancing production motivation. It is expected that the output of domestic smelters will start to climb in the short term. In Indonesia, although the approval quota for RKAB has increased, the actual release from mines remains limited, leading to a continuous rise in domestic trade premiums. Smelter inventories are running low, and some smelters may have a downward expectation for high-grade NPI output.
Demand side, downstream stainless steel mills and traders were actively inquiring this week. Approaching the traditional peak season of "Golden September and Silver October," stainless steel mills are expected to increase their scheduled production, and the strong market sentiment has driven transaction prices to new highs.
In summary, the cost support for NPI remains firm in the short term, and downstream restocking demand may be released, with prices expected to run strong.
From the perspective of the price spread between high-grade NPI and refined nickel, high-grade NPI had an average discount of 296.5 yuan/mtu to refined nickel this week, with the discount widening by 11.5 yuan/mtu from a week ago. This week, high-grade NPI prices fluctuated upwards, breaking through 1,000 yuan/mtu. The tight supply of Indonesian laterite nickel ore led to high domestic trade premiums, and spot prices were strong driven by costs.
For refined nickel, nickel prices rebounded this week, leading the gains among non-ferrous metals on Wednesday with a daily increase of nearly 3.5%. However, by Friday, the upward momentum weakened, still affected by the current weak fundamentals. The discount of high-grade NPI to refined nickel widened from narrowing earlier in the week. In the short term, high-grade NPI is expected to remain strong, while nickel prices may fluctuate upwards due to cost support and a recovery in downstream demand. The price spread between the two is expected to continue widening next week.
Malaysia Smelting Corporation Berhad (KLSE:MSC) Second Quarter 2024 Results
Key Financial Results
Revenue: RM410.8m (up 26% from 2Q 2023).
Net income: RM16.7m (down 41% from 2Q 2023).
Profit margin: 4.1% (down from 8.7% in 2Q 2023). The decrease in margin was driven by higher expenses.
EPS: RM0.04 (down from RM0.068 in 2Q 2023).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Malaysia Smelting Corporation Berhad Earnings Insights
Looking ahead, revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Metals and Mining industry in Malaysia.
Performance of the Malaysian Metals and Mining industry.
The company's shares are down 6.1% from a week ago.
Risk Analysis
You should always think about risks. Case in point, we've spotted 1 warning sign for Malaysia Smelting Corporation Berhad you should be aware of.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
https://finance.yahoo.com/news/malaysia-smelting-corporation-berhad-second-001708044.html
TANZANIA: TANZANIA is set to continue reaping big in the mining sector after signing 77milion US dollar (about 206.4bn/-) agreement to develop Maganga Matitu Iron ore project at Liganga in Ludewa District, Njombe Region.
The contract was signed on Saturday between the government through the National Development Corporation (NDC) and the Chinese company, Fujian Hexingwang Industry Tanzania Co Ltd.
The signing ceremony was witnessed by Deputy Prime Minister and Minister for Energy, Dr Doto Biteko.
The project targets to produce at least 1.0 million tonnes annually.
Speaking shortly after the signing, Dr Biteko said the project is expected to boost the country’s economic growth through industrial development.
He said the government is doing everything in its power to ensure available natural resources benefit all Tanzanians.
“President Samia believes in the engagement of private sector in building the country’s economy, it is through investments the government is capable of creating job opportunities and increase revenues,” Dr Biteko said.
He said the government has already paid 15bn/- in compensation to residents to pave the way for the implementation of Liganga and Mchuchuma project, the biggest in Africa.
ALSO READ: Tanzania’s economy spurs Russian ties
The deputy Premier applauded the Ministry of Industry and Trade for ensuring the deal is closed.
According to Dr Biteko, the implementation of the project will enable the country to process iron materials within the country and reduce importation.
He further assured the investors of profitable business saying the country has a friendly investing climate.
In a related development, he directed the Tanzania National Electricity Supply Corporation (TANESCO) and the Rural Electricity Agency (REA) to conduct a study and submit proposals on how to electrify 10 villages located on the shore of Lake Nyasa, in Ludewa District.
On his part, Deputy Minister for Industry and Trade, Mr Exaud Kigahe said that last year President Samia paid compensation to citizens who relocated to allow the implementation of the project in 2020.
“The assessment of sediment information conducted in 2020 in this Maganga Matitu project has shown the presence of 101 million tonnes of iron sediment,” he added.
He said the execution of the project will not only increase the value chain that will promote the industrial economy but also enable the government to save foreign currency that would have been used for importing iron.
The NDC Director General, Dr Nicholas Shombe said the government will retain a 36 per cent stake at the mine and the remaining 64 per cent by Fujian.
The Liganga Iron Ore project is among the anchor projects in the Mtwara Development Corridor. Maganga Matitu is one of the five hills of the Liganga Iron Ore Project set aside by the government for a local programme to produce sponge iron as raw material for steel industries.
https://dailynews.co.tz/tanzania-economy-to-benefit-from-206bn-iron-ore-deal/
A new 80 km-long railway line connecting Kondapalli in NTR district of Andhra Pradesh (AP) and Penuballi in Khammam district (Telangana) is going to help Dr. Narla Tatarao Thermal Power Station (NTTPS) reduce the cost of transportation of coal from the Sathupalli mines of Singareni Collieries Company Limited (SCCL).
According to reliable sources, the project has been recently approved by the Ministry of Railways and land acquisition and other works for it are underway.
The Kondapalli-Penuballi line is a part of the Kondapalli-Kirandul (Chattisgarh) railway line and as part of it, the final location survey from Manuguru-Kirandul has been completed.
At present, AP-Genco is moving the coal allocated to it in the Sathupalli mines to NTTPS via Penuballi, Kothagudem and Dornakal, which is about 240 km. The Kondapalli-Penuballi line directly links NTTPS with Sathupalli mines, bringing down the turnover time of rakes.
The new line will lead to better coal stock management at NTTPS and will save railway freight charges. Ultimately, AP-Genco will be able to reduce the variable cost of power generation and the benefit can be passed on to the consumers.
The new line, which is a modified alignment of the Kondapalli - Kothagudem line, is sought to be laid on a fast-track basis to benefit both the Railways and the State Power Sector.
Penuballi is an existing station in the Sathupalli-Kothagudem route of the South Central Railway, which also has Kondapalli in its jurisdiction.
NTTPS meets a large part of its coal requirement from SCCL and the far-off Mahanadi Coalfields Limited (MCL). It (NTTPS) has total eight units (6 x 210 MW, 1 x 500 MW and 1 x 800 MW) and the largest one of them needs about four million metric tons of coal per annum.
JSW Steel Surrenders Odisha Iron Ore Lease - Uneconomic Operation
By Rediff Money Desk, New Delhi Aug 04, 2024 13:56
JSW Steel has surrendered a mining lease for a block in Odisha, citing "uneconomic operation." The Jajang iron ore block was acquired through an auction in 2020.
Photograph: Danish Siddiqui/Reuters
New Delhi, Aug 4 (PTI) JSW Steel has submitted a notice to surrender a mining lease for a block in Odisha, citing "uneconomic operation".
Jajang iron ore block in Keonjhar, is one of the four iron ore mining leases which were acquired through an auction in 2020, JSW Steel said in a regulatory filing on Saturday.
"JSW Steel due to un-economic operation, has submitted a notice for surrender of mining lease on August 3 in respect of Jajang Iron Ore Block...," it said.
The proposed surrender of the aforesaid mining lease is subject to requisite approvals, JSW Steel said.
Rediff.com » Market News » JSW Steel Surrenders Odisha Iron Ore Lease - Uneconomic Operation