Australia

It is one of those delicious ironies of life that India, the world’s largest consumer of gold, has very little to show when it comes to actually mining the yellow metal.

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That’s poor form because India sits on very large resources of gold, revealed by several geological studies in the past. One such study pegged India’s primary gold resources at about 491 metric tons. Despite its 6,000-year mining history, the country mines just around a pitiful 25 mt of gold annually.

Imports Flourishing

India is one of the biggest importers of gold, despite a punitive 10% import tax. In the financial year ended March 31, gold imports had touched 900 mt, up 36% from a year ago.

Perhaps keeping all this in mind, and the fact that gold mining could mean earning some big bucks, Western Australia recently expressed interest in developing gold mines in India, as part of the bilateral cooperation in minerals and energy sectors between the two nations.

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A beleaguered Indian Government finds itself with its back to the wall where the supply of iron ore to the local steel ministry is concerned.

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The fluidity of the import-export situation vis-à-vis the mining of iron ore has left it walking a tightrope.

Earlier this month, the government had affirmed its resolve in not banning, or even limiting, exports of iron ore as demanded by domestic steel majors. There was a massive shortage of ore in India following the more than 2-year long, court-imposed ban on mining, partially lifted a few months ago.

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After India and Australia signed a civil nuclear deal in September, Australia’s uranium industry may be able to start sending trial shipments to India next year.

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Australian Prime Minister Tony Abbott and his Indian counterpart, Narendra Modi, discussed this during the latter’s visit to Australia. On Tuesday Abbott addressed the federal parliament saying if everything went to plan, uranium exports from Australia to India with suitable safeguards would start, “because cleaner energy is one of the most important contributions that Australia can make to the wider world.”

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Indian Prime Minister Narendra Modi and Australian PM Tony Abbott concluded a long-pending civil nuclear deal, which involves the supply of uranium from Canberra to India.

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The deal is very popular in India, Prime Minister Tony Blair has faced a backlash in Australia for supplying uranium to a nation that some say wants to expand its nuclear arsenal.

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Indian Prime Minister Narendra Modi and Australian PM Tony Abbott concluded a long-pending civil nuclear deal, which involves the supply of uranium from Canberra to India. The Indian press hailed it as the “most significant step” taken by India in the wake of the 2006 India-US civil nuclear deal.

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All uranium is welcome in India, which currently has 20 small nuclear reactors within six plants but operates only a few.

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Australian Environment Minister Greg Hunt has been a strong advocate of Adani Group’s recently signed $15.5 billion deal to mine and export coal from the Carmichael area to Adani’s native India.

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He tried to counter protests from environmentalists by explaining in great detail how the project would boost Australian economy. He explained that at full export capacity, the project was expected to contribute almost $930 million to the Mackay region’s gross regional product and $2.97 billion to the Queensland economy each year for the next 60 years. The mining project will generate an estimated 2475 construction jobs and a further 3,920 jobs during the operations phase.

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It’s the Australian and Indian governments and the Adani Group vs. environmentalists and near-nude models in the fight over the Carmichael Coal Mining project in Queensland.

FREE Download: The Monthly MMI® Report – covering Steel/Iron Ore markets.

At full export capacity, the project is expected to contribute almost $930 million to the Mackay region’s gross regional product and $2.97 billion to the Queensland economy each year for the next 60 years.

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Just weeks before Australian Prime Minister Tony Abbott’s first visit to India, the Australian government, conditionally cleared a long-pending coal mining project from India’s Adani Group, sparking protests in Australia.

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Australia approved the approximate $15.5-billion (AUS $16.5 billion) Carmichael coal project in Queensland that could yield up to 60 million tons of coal per year, but only after imposing “strict conditions to protect the environment.”

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Fracking has been a game changer not just in terms of cost, but also in regards to the availability of natural gas in North America. Now western Australia is seeing its own game changer—if not to deliver the ultra-low prices of US shale gas, then at least to ensure long term supply at a known […]

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A recent article in the FT speculated that we could be about to see the end of the bull run on iron ore prices. In spite of weakness among all the base metals, iron ore has still averaged $136 per metric ton this year, the second-highest on record. Iron ore demand has been stronger than […]

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