India’s NMDC to extract diamonds worth $3.4m from | Finance news

Indian state-run miner NMDC is set to extract 6,500 carats of diamonds, valued at $3.4m (Rs294.13m), this fiscal 12 months from the Panna mine within the state of Madhya Pradesh, India.

This follows the receipt of mining clearances final 12 months, based on a report by Reuters, citing sources.

The company confronted delays in acquiring environmental clearances, which resulted in a halt to mining actions for more than three years due to the mine’s proximity to a tiger reserve.

The Supreme Courtroom subsequently granted NMDC permission to renew mining, offered it adheres to particular tips, thus permitting the company to recommence operations, based on the report.

Whereas NMDC has not but initiated new rounds of mining, it’s at present centered on extracting and processing diamonds from current ore stockpiles on the Panna mine.

“We will start ore mining from the mines in two-three months, and in the meanwhile, diamonds are processed through feeding of old stockpiles,” the company acknowledged in an e-mailed response to Reuters.

Because the resumption of operations, NMDC has extracted diamonds value 3,700 carats, equal to $1.93m, from the ore, the report mentioned.

The Panna mine spans an space of 275.96 hectares and has been operational for the reason that early Seventies, making it the “only mechanised diamond mine in India”.

Different international and home mining corporations have additionally tried to extract diamonds on the Bunder project, situated close to the Panna reserve however with restricted success.

Earlier than exiting the Bunder project in 2016–17, Rio Tinto invested roughly $90m over 14 years on the location.

Since Rio Tinto’s departure, mining actions on the Bunder project haven’t commenced, primarily as a consequence of considerations relating to its location within a forested space that’s home to tigers and different wildlife.

“India’s NMDC to extract diamonds worth $3.4m from mine near tiger reserve” was initially created and revealed by Mining Know-how, a GlobalData owned model.

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