NMDC Ltd, the third largest iron ore producer, Asia could buy four coking coal mines controlled by Mikhail Prokhorov Russian billionaire, securing raw material supplies for the two planned steel plants in India. Talk to the OOO Kolmar mines, those reserves of around 400 million tonnes in Siberia, Yakutia region, purchase can be completed in December, Finance Director NMDC Swaminathan Thiagarajan said today in a telephone interview, with no price details. Read more
Tags: <coal mine, coal mines, india steel producers, mmdc ltd mining company, steel, steel mining>, Steel Plants In India, Iron And Steel Plants In India, Steel Plant In India, Nmdc Bailadila, How To Purchase Coal, Pictures In Steel Plants, Steel Authority Of India Limited Steel Plant, Indian Iron And Steel Plant In India Pics, Major Iron And Steel Plant In India, N M D C Ltd
Oil traded near the lowest price in more than five weeks in New York after OPEC increased its output ceiling and Europe’s debt crisis worsened, threatening a recession that could curb demand for raw materials. Futures were little changed yesterday after dropping the most since September after the members of the Organization of Petroleum Exporting Countries meeting in Vienna agreed to target their output to increase to 30 million barrels per day. Prices were also depressed by the events in Europe, with Italy’s five-year bond to climb a 14-year high at auction. Ernst & Young LLP said that the euro area is likely to slip back into recession. (more…)
The Reserve Bank’s next move to Australia on the interest rate is a call “very close”, with economists and investors divided over whether Governor Glenn Stevens increase the cost of borrowing for the fifth time in six games. The central bank will leave the target for overnight cash rate unchanged at 4 percent tomorrow, according to 14 of 23 economists surveyed by Bloomberg News. The others are expecting an increase. Futures traders estimate a probability of 54 per cent increase when the decision is announced at 2:30 pm in Sydney. (more…)
Global shares continue to slide on Monday, while the European benchmark Brent crude oil was just under $ 100 a barrel on fears of political unrest in Egypt to spread among the regional oil-producing countries.
Protests of the 30-year rule of President Hosni Mubarak late on the weekend, increased risk aversion for European investors already concerned by the impact of their own regions sovereign debt crisis and inflation might have on growth.
“While Egypt importance for the world economy is limited, its importance for the transport of oil is huge,” said Jonathan Sudaria, night-dealer in London Capital Group. (more…)
