Indian miner NMDC explores critical minerals acquisition overseas
On Monday, the country's largest iron ore miner opened a Dubai office that will track mineral sector developments in Africa and Australia and focus on scouting mineral assets and conducting due diligence, it said in a statement.
In April, NMDC Chairman Amitava Mukherjee said the miner was looking at Africa for lithium, iron ore, copper and cobalt as well as exploring coking coal assets in Indonesia and Australia.
Last year, India's Secretary of Mines V.L. Kantha Rao said that NMDC and Coal India were exploring lithium mines in Chile and Australia.
In 2023, NMDC's unit Legacy Iron Ore had signed a lithium exploration pact with Australia's Hancock Prospecting Pty Ltd.
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BBC News
an hour ago
- BBC News
Australian 'fiasco' ferry leaves Edinburgh for Tasmania
An Australian ferry forced to dock for six months in Edinburgh because it is too big to fit in a Tasmanian port has finally left of Tasmania IV, built in Finland, arrived at the Port of Leith in December due to issues with existing infrastructure in the city of cost overruns and other mistakes have caused a huge political row in Australia, leading to Tasmania's infrastructure minister and operator TT-Line's chairman resigning in August last vessel departed the city for Hobart on Monday, where it will undergo a final "fit-out" before its future crew undergo training, the company said. It is expected to complete the 14,857 nautical mile (27,515km) journey in about six Tasmanian government ordered the 212m-long (695 ft) vessel to leave Edinburgh, to be delivered to the island in March. But a technical issue with the liquid natural gas (LNG) fuel system in May meant its departure was further underwent sea trials in the North Sea in chief executive Chris Carbone said: "We expect the vessel will be alongside in Hobart in late-August for the final fit out of items including Tasmanian-made mattresses and table tops, cabin stores and artwork, and to undertake vessel crew training."The training for our crew involves emergency response exercises, passenger muster simulation, firefighting drills, deployment of lifeboats and the mass evacuation systems." Australia's ferries 'stuff up' The saga, which has a number of parallels with Scotland's own difficulties procuring new ferries, has been dubbed a "fiasco" and "stuff up" by opposition politicians. Spirit of Tasmania IV is one of two vessels set to replace two 30-year-old ferries on the Bass Strait between Tasmania and the Australian mainland state of the LNG ships are years late and the cost of building them has soared by A$94m (£47.5m) from A$850m (£430m) when the contract was signed in also emerged that the ships are too big to fit the harbour facilities in Devonport and the required upgrades will not be ready until 2026 or 2027. The cost of the harbour redevelopment, meanwhile, has more than quadrupled from an original estimate of A$90m (£45.5m). The ship was initially moved to Leith from a shipyard in Finland last year due to concerns it would be damaged by pack ice over the winter was paying A$47,534 (£24,031) per week to berth the ship at Forth Ports, according to figures published by the Tasmanian the ferry company TT-Line and ports firm TasPorts are state-owned, and in August 2024 the infrastructure minister, Michael Ferguson, and TT-line chairman, Mike Grainger, both Winter, leader of the opposition Labor party, described it as the "biggest infrastructure stuff up" in the state's history. It was initially reported the ship could spend up to three years in Leith before attempts were made to lease it to a European operator, but that did not work out. Mr Carbone, from TT-Line said the work to develop the new terminal at Devonport was now well under vessel will travel to Hobart via Gibraltar, the Cape Verde Islands, Cape Town in South Africa and Port Louis in will dock in Fremantle in Western Australia for about four days while customs paperwork is processed before making the final trip to Hobart in late-August.A spokesperson for Forth Ports said: "The Spirit of Tasmania departed Leith on Monday en-route for Australia."We wish her well on her journey."
Coin Geek
an hour ago
- Coin Geek
Stablecoins explode in Africa, but will regulators catch up?
Homepage > News > Finance > Stablecoins explode in Africa, but will regulators catch up? Getting your Trinity Audio player ready... Africa has long been touted as the region that most benefits from digital assets and blockchain technology. However, activity in the region has been the lowest globally, and blockchain adoption has also failed to blow up as expected. This is now changing, and stablecoins are at the forefront of this transformation. Africans prioritize utility over speculation, and now, with stablecoins, payments, hedging against local currency depreciation and cross-border transfers are easier and faster than ever. Africa's stablecoin revolution Africa's embrace of stablecoins didn't happen overnight; it's been building over the past few years. With the value of most local currencies depreciating—the naira, for instance, has lost 73% of its value against the USD over the past three years—Africans have turned to stablecoins as a hedge. Millions more have been using stablecoins to send and receive funds from overseas. A new report by the pan-African exchange Yellow Card revealed that Africa leads the stablecoin sector with a 9.3% adoption rate. The report placed Nigeria first globally with 25.9 million users, translating to 12% of the population. 'Stablecoins have become an increasingly critical tool for Africans seeking more efficient and accessible financial solutions. Nowhere is this more evident than in Nigeria,' the report stated. 'Nigeria's leadership in stablecoin adoption and digital asset usage is not just a tech milestone; it's a signal of how financial innovation can thrive in response to local needs.' Ten other African nations are in the top 50, including Ethiopia, Morocco, and Kenya at 26th, 27th and 28th respectively. This milestone is even more impressive for Morocco and Egypt (ranked 44th), considering they placed bans on digital assets years ago; combined, the two North African countries have 17 million stablecoin users. Overall, over 54 million Sub-Saharan Africans have been using stablecoins. The report pointed out that stablecoins 'are becoming a permanent fixture in Africa's financial landscape, driven not only by individual users but increasingly by businesses and financial institutions, with international collaboration and government interest accelerating the trend.' Yellow Card says that stablecoins are moving beyond peer-to-peer funds transfers as more businesses are now accepting them as payment, 'unlocking faster transactions and deeper access to foreign currency-denominated tools, all of which fuel economic innovation and financial inclusion.' Digital asset payments on an uptrend Yellow Card's report aligns with another study by Luno that found South Africans are increasingly making digital asset payments, with stablecoins the most popular. Since November last year, Luno Pay has recorded $1.1 million in digital asset payments, equating to over $150,000 every month. 'Appetite for digital currency transactions in everyday commerce is growing,' commented the country manager for South Africa, Christo de Wit. The stablecoin economy is expanding beyond the mainstream exchanges, with new fintechs now relying on stablecoin rails to enable fast and cheap transfers across borders. One of these is Juicyway, which launched out of stealth mode last December after a $3 million pre-seed funding round. The startup claimed it had processed $1.3 billion in 25,000 transactions while in stealth mode without a publicly available app or any marketing. It relied purely on referrals from its clients, according to its founders. Even offshore startups are now targeting Africa with stablecoin products. Zoot, an i-gaming startup founded by former Meta (NASDAQ: META) executive Sean Ryan, says Africa is now its biggest growth opportunity. 'We are now seeing explosive growth in stablecoin adoption, and real-money gaming is a trillion-dollar market waiting to be transformed by crypto rails,' said David Pakman, the managing partner at CoinFund, one of the investors in Zoot. But while adoption skyrockets, regulators must catch up, industry leaders say. 'Collaborations between government and fintechs will help build trust, scale solutions, and drive sustainable systems that solve real problems. Everyone from startups to regulators has a role to play,' says Nathaniel Luz, the president of the Africa Stablecoin Network. Luz is the lead organizer of the upcoming Nigeria Stablecoin Summit, set to be held on July 24, which will bring together regulators, innovators, and enthusiasts to chart a path forward for stablecoins in Nigeria and beyond. Gillian Darko, the Chief of Staff at Yellow Card, concurs, amplifying the need for policymakers to catch up with the rapid advancements in the stablecoin sector. 'The growing consensus is clear: regulations should support innovation, not stifle it,' she says. Watch: Tech redefines how things are done—Africa is here for it
The Independent
2 hours ago
- The Independent
Mumbai to Manchester: budget airline touches down with new direct route
IndiGo, an Indian airline, launched a new direct flight route connecting Mumbai, India, and Manchester, UK. The inaugural flight landed at Manchester Airport on 1 July, establishing the first nonstop service between the two cities. The long-haul flights will operate three times a week on Tuesdays, Thursdays, and Saturdays, aboard a Boeing 787 Dreamliner. This new route aims to enhance connectivity between India and the UK, fostering stronger economic, educational, and cultural ties. Return economy fares for the route start from £426, with business class tickets beginning at £870, and complimentary hot meals are provided.
