1. business and industrial
2. energy
3. oil
4. oil and gas prices

We d n e s d ay 1 7 , D e ce m b e r 2 0 1 4
News &
Report Analysis
Currency Market
Precious Metal
Base Metal
Energy Market
 Govt hikes import tariff value on
gold and silver
 Following HC order Odisha agrees to allow
Tata Steel resume mining
 EU steel mills losing market share to cheap
imports: Eurofer
 NMDC to commission new iron ore mines
 Coal auction may push up cost of power
generation: ICRA
2
Wednesday 17, December 2014
Daily
MMR Landed Prices
London Metal Exchange : Tuesday 16, December 2014
Pr. Sell
(1)
Morning Session
Buy
Sell * (2)
Afternoon Session
Buy
Sell
Kerb
Change
(2) - (1)
Value
Stk(tns)
change
$/ton
Rs/ton
Copper Grade A
Spot
6560.00
6385.00
6390.00
6365.00
6365.50
6452.00
-170.0
1,72,675
MMR LP
4,39,274
3-mth
6500.00
6350.00
6350.50
6319.00
6320.00
6397.00
-149.5
6175
14-D MA
4,36,219
PP (HCL)
4,51,445
Average
10-days - 6476.90
20-days - 6550.70
30-days - 6604.20
Tin High Grade
Spot
20380.00
20345.00
20355.00
20174.00
20175.00
20453.00
-25.0
12,190
--
--
3-mth
20475.00
20325.00
20330.00
20174.00
20175.00
20432.00
-145.0
920
--
--
--
--
Average
10-days - 20382.50
20-days - 20277.80
30-days - 20137.80
Lead
Spot
1963.50
1936.00
1936.50
1919.00
1919.50
1951.00
-27.0
2,19,825
MMR LP
1,38,000
3-mth
1978.00
1950.00
1952.00
1934.00
1935.00
1966.00
-26.0
-375
14-D MA
1,39,187
PP (HZL)
1,49,300
Average
10-days - 1996.10
20-days - 2017.60
30-days - 2015.70
Zinc Special High Grade
Spot
2187.00
2142.00
2142.50
2134.00
2134.50
2167.00
-44.5
6,87,450
MMR LP
1,57,175
3-mth
2197.00
2156.00
2157.00
2146.00
2147.00
2175.00
-40.0
-3375
14-D MA
1,57,083
PP (HZL)
1,64,700
Average
10-days - 12188.40
20-days - 2220.50
30-days - 2228.60
Aluminium
Spot
1916.50
1874.50
1875.00
1874.00
1875.00
1910.00
-41.5
42,72,100
MMR LP
1,56,638
3-mth
1931.00
1908.00
1910.00
1903.00
1904.00
1927.00
-21.0
-20350
14-D MA
1,52,215
PP (Nalco)
1,66,900
Average
10-days - 1944.40
20-days - 2000.70
30-days - 2015.10
Aluminium Alloy
Spot
1990.00
1990.00
2000.00
NA
NA
NA
10.0
26,620
3-mth
1995.00
1995.00
2005.00
NA
NA
NA
10.0
0
Average
10-days - 2009.50
20-days - 2013
30-days - 2018.80
Nickel
Spot
16660.00
16125.00
16130.00
15968.00
15970.00
16379.00
-530.0
4,05,174
--
--
3-mth
16720.00
16250.00
16275.00
16039.00
16040.00
16450.00
-445.0
-120
--
--
-Copper
Aluminium
-01-Dec
01-Nov
Zinc
Lead
11-Dec
11-Dec
Average
10-days - 16444
20-days - 16346.50
30-days - 16007.20
Note: 1. MMR LP = MMR Landed Prices, excluding excise duty. 2. PP = Producer Prices ex-smelter, excl. excise
Minor Metals ($/LB)
Antimony
99.65%
9,100
Cadmium
99.80%
90.00
Cobalt HG Moly.oxide
99.80%
14.00
9.00
Tantalite
30% Ta2O5
81.00
Titanium Ferro-vana
Con. Ti02
550.00
24.90
Silicon
2,050
Week ended Avg of Steel Prices: 13/12/2014 (Incl. Excise duty)
Sponge Iron
Pig Iron
Ferro Alloys :
Mandi
27,400 HMS
32,000 CRP(LSLP)
Mumbai Mkt rates in kgs :
Mumbai
Kolkata
30,100
29,200
32,300
Ferro Moly 1300
Delhi
Chennai
Bhiwandi
30,700
27,600 MS Ingots
38,900
29,400
Ferro Silicon 80
Titanium
170
Indicative Domestic Market Rates (Rs./kg)
Mumbai
16-Dec
Prev
Virgin Metals
Copper Pat
Copper W/Bar
Delhi
16-Dec
Comex Copper (cents/lb)
Chennai
16-Dec
Prev
Prev
-501.0
-501.0
435.0
-
435.0
-
-
Alum Ingot
Zinc Slab
Lead Ingot
Tin Slab
Nickel (4x4)
Scrap
Copper Heavy
Copper Uten.
174.0
182.0
133.0
1,505.0
1,155.0
176.0
182.0
132.0
1,500.0
1,160.0
178.0
187.0
128.0
1,503.0
1,153.0
178.0
187.0
128.0
1,503.0
1,153.0
465.0
427.0
464.0
428.0
---
---
167.0
-
Copper Mixed
Brass Utensil
Brass Huny
Brass Sheet
Alum Utensil
327.0
325.0
337.0
135.0
324.0
320.0
338.0
136.0
420.0
--141.0
420.0
--141.0
-
Nov'14
Dec'14
- Jan'15
-
Metal
Gold Std
Silver
Gold
Silver
Gold
Silver
Rate
287.75
287.25
286.70
Change
-0.7
-0.7
-0.7
Kanpur
38,600
Durgapur
34,900
Comex Al (cents/lb)
Rate
-
Change
-
Precious Metals : Indicative Rates
Market
Mumbai
Mumbai
London
London
Comex
Comex
Unit
Rs./10g
Rs./kg
$/tr.oz.
$/tr.oz.
$/tr.oz.
$/tr.oz.
16-Dec
27,150
37,700
1,202.5
16.29
1,193.9
15.71
Prev
26,500
38,600
1,209.3
16.85
1,207.2
16.52
Forex: Dec 16, 2014 (Rs/Unit Currency)
- Buy
- Sell
- Buy
USD
63.59
63.50
EURO
79.54
GBP
99.91
99.78
SGD
48.80
—
—
AUD
52.44
YEN
0.5464
0.5455
SFR
66.25
Sell
79.44
48.72
52.38
66.15
Customs Notified Rates: Nov 21, 2014 [Rs.(Imp/Exp)]: US$ 62.60/61.60;Pound Sterling 98.45/96.25;Euro 78.90/77.00
U.S. stock prices fell for a third day in a
USD/INR - 16/12/14
volatile session on Tuesday, led by declines in
63.20
consumer discretionary and technology shares,
63.26
63.50
U.S. central bank's stance is on interest rates.
USD/INR Overnight VAR
Data releases today
17:00
16:00
15:00
with investors looking to see how dovish the
14:00
63.56
13:00
policy statement is expected at 1900 GMT,
63.44
12:00
policy meeting wraps up on Wednesday, and
63.38
11:00
to worries about the global economy. The Fed's
63.32
9:00
while another drop in the Russian rouble added
10:00
Daily
3
Wednesday 17, December 2014
0.3268
Forecast
Previous
Japanese stocks rose on Wednesday as hopes
USD CPI m/m
-0.1%
0.0%
of a continuation of the U.S. Federal Reserve's
USD Core CPI m/m
0.1%
0.2%
dovish stance on rates helped exporter shares
brush off a stronger yen, and chart support
halted the Nikkei's recent losses. The U.S. Federal
Reserve concludes its final policy review of 2014
later on Wednesday, and is expected to drop
particular words stating its intent to keep rates
near zero as a prelude to raising interest rates
next year.
Among the regional economies data includes
Asian Business Sentiment Index increased to 72
in the fourth quarter from 66 in the previous
three months. The result was only slightly below
the 74 reading of the second quarter which was
the highest since early 2012. A reading above
50 indicates an overall positive outlook. Indian
businesses provided the biggest boost to the
index, with companies reporting a maximum
score of 100 for the third consecutive quarter as
they look to new Prime Minister Narendra Modi
to speed up economic recovery.
Currency Market
Source : Mecklai Financial
released earlier on Wednesday showing Japan's
exports rose 4.9 percent in November, falling
short of forecasts, helping the dollar regain
some of the ground it lost overnight. Japan
marked its 29th straight month of trade deficits.
The US Dollar Index (DX) declined around
0.3 percent in the yesterday’s trading session
on the back of unfavorable economic data from
the country. However, rise in risk aversion in
the market sentiments which led to increase in
demand for the low yielding currency cushioned
sharp fall in the DX. The currency touched an
intra - day low of 87.83 and closed at 88.30 on
Tuesday.
The rouble last traded at 67.95 to the
dollar after dropping as low as 78 on Tuesday.
It plunged more than 11 percent against the
dollar on Tuesday despite Moscow's steep hike
in interest rates. The steepest intraday fall since
Russia's 1998 currency crisis and debt default
sapped investors' appetite for risk. The safe-
The US dollar currency reported its early
haven yen benefited from the flight to safety on
losses in early Asian trading on Wednesday,
Tuesday, strengthening to 115.56 yen against
pulling away from lows hit overnight on
the dollar, its highest since Nov. 17.
skidding oil prices, Russia's financial crisis, and
The dollar last bought 117.03 yen, up 0.6
speculation that the Federal Reserve might take
percent on the day but still far from a seven-year
a more cautious tone on monetary policy. Data
high of 121.86 yen set on Dec. 8. Undermining
investors' appetite for the dollar, the yield on
4
Wednesday 17, December 2014
Daily
6 mth
LIBOR
Major
Currencies
Today’s
Crosses
Spot
Cash
v/s INR
0.34
USD / INR
-
ATM Options (put/call)
0.15
Forward Rates v/s INR (Export/ Import)
December
January
February
May
August
November
63.88/ 88
63.85/ 85
64.05/ 07
64.45/ 47
64.79/ 82
65.90/ 93
66.95/ 98
67.96/ 99
-
-
-
0.00/0.66
0.00/0.87
0.00/1.04
0.00/1.42
0.00/1.79
0.00/2.14
EUR / USD
1.2494
79.81/ 81
79.77/ 77
80.03/ 05
80.55/ 58
80.99/ 02
82.44/ 47
83.85/ 88
85.23/ 25
0.15
USD / JPY(100)
116.86
54.66/ 66
54.63/ 63
54.82/ 84
55.19/ 21
55.49/ 52
56.50/ 53
57.48/ 52
58.44/ 48
0.68
GBP / USD
1.5725
100.44/ 46 100.39/ 41
100.72/ 74
101.34/ 26
101.82/ 71
103.49/ 95
105.09/ 01
106.64/ 92
0.05
USD / CHF
0.9611
66.45/ 46
66.42/ 43
66.64/ 66
67.07/ 10
67.47/ 50
68.73/ 75
69.97/ 97
71.16/ 14
3.06
AUD / USD
0.8168
52.17/ 18
52.15/ 16
52.31/ 33
52.64/ 67
52.92/ 95
53.83/ 85
54.68/ 71
55.51/ 54
Source : Mecklai Financial
benchmark 10-year notes dropped to 2.060
that pulled it to a one-week low of $1,188.41
percent from its U.S. close of 2.071 percent on
before ending marginally higher. U.S. gold for
Tuesday, when it dropped to a two-month low
February delivery rose 0.3 percent to $1,198.30
of 2.009 percent.
an ounce. Investors will be watching whether
The Indian Rupee fell to 13 months low and
the Federal Open Market Committee will
depreciated around 0.8 percent in yesterday’s
remove the phrase "considerable time" in the
trading session. The currency depreciated on
statement due at the end of a two-day meeting
the back of concerns over the global economic
with regard to the timing of an interest rate hike.
Dropping that phrase would mean the
growth.
Fed is preparing the market for a rate hike
Precious Metal
next year as the economy gathers strength,
Gold steadied at just below $1,200 an ounce
analysts say, which could weaken prices of non-
on Wednesday ahead of the outcome of the U.S.
interest bearing assets such as gold. Further
Federal Reserve's last policy meeting of the year
losses in oil may also weigh on gold after
that may signal how soon it will raise interest
Brent crude fell below $60 a barrel for the first
rates. Investors were also keeping an eye on
time since 2009 with major oil producers in no
Russia after the rouble plunged more than 11
mood to curb output despite a well supplied
percent against the dollar on Tuesday despite a
market. U.S. housing starts fell in November
hefty interest rate hike by the central bank. Spot
as groundbreaking for single-family homes
gold was up 0.1 percent at $1,197.61 an ounce
declined after two hefty increases, in what
by 0040 GMT after a volatile session on Tuesday
appeared to be a brief pause in a trend of
Market Highlights - Gold (% change)
as on December 16, 2014
gradual recovery. SPDR Gold Trust, the world's
largest gold-backed exchange-traded fund,
Gold
Gold (Spot)
Gold
(Spot -Mumbai)
Comex Gold
(Dec’14)
MCX Gold
(Feb’14)**
Unit
Last
Prev.
day
WoW MoM
YoY
said its holdings slipped to 721.56 tonnes on
$/oz
1196.2
0.34
-2.5
3.1
-3.5
Rs/10
gms
26950.0
0.09
0.2
4.5
-9.6
$/oz
1193.9
-1.10
-3.1
-0.2
-3.4
prices declined by around 2.8 percent to $15.7/
Rs /10
gms
27194.0
-0.46
0.0
5.5
-5.7
oz on profit booking at higher levels. Although,
Source: Angel Broking
Tuesday from 723.36 tonnes on Monday.
Among the other precious metal, Spot silver
dollar index was weak by 0.3 percent, weakness
Daily
5
Wednesday 17, December 2014
in the base metals pack exerted downside
Meanwhile, aluminium showed only modest
pressure on prices. As per Angel Broking
signs of pulling out of negative territory.
Research report gold and silver prices to trade
Three-month aluminium on the London Metal
lower as the optimism and growth in the US
Exchange stood at $1,9190 a tonne, up $3.50
economy might lead the Federal Reserve policy
from the previous session close, where intraday
makers to comment on interest rates which will
trading too contract to a two-month low of
act a s a negative factor for prices.
$1,900.75. Traders said uncertainty surrounding
Base Metal
longer-term implications of an unprecedented
drop in the rouble had sidelined some metals
The benchmark industrial metal Copper
investors. A weakened rouble could entice
prices eased on Wednesday on weak data from
Russian metals producers to lift production of
the US and China fueled demand concerns from
metals, which are sold in U.S. dollars. Russia is
the two biggest consumers. It was more dragged
the world's sixth-biggest copper producer and
down by a rise in Chinese output and concerns
second-biggest aluminium producer. However,
a sharp drop in the rouble could see Russian
Russian aluminium giant Rusal's on Tuesday
producers step up metals production. Three-
ruled out restarting production capacity,
month copper on the London Metal Exchange
warning it did not want to repeat mistakes
had dropped 0.26 percent to $6,348.50 a
made after the 2008 global financial crisis, when
tonne by 0210 GMT, extending losses from the
many producers stepped up production despite
previous session. The most-traded February
large inventories.
copper contract on the Shanghai Futures
Exchange slipped 1 percent to 45,660 yuan
($7,378) a tonne.
Energy Market
Brent crude futures fell for a fifth straight day
Production of refined copper in China, the
on Tuesday to end below $60 a barrel while U.S.
world's biggest market for the metal, rose 3.1
crude finished a volatile session slightly higher
percent from the previous month in November,
as trading of expiring options helped defend the
hitting a record for the fourth straight month.
price above $55. U.S. crude dipped again after
Investors were also keeping an eye on Russia
settlement after an industry group reported
after the rouble plunged more than 11 percent
growth in domestic crude inventories, which
against the dollar on Tuesday despite a hefty
analysts had expected to shrink in the latest
interest rate hike by the central bank.
Copper prices have now plunged by around
$1,000 a tonne since the start of the year,
underscoring a mounting supply glut, which
miners says could take years to work through. As
per the report, worldwide copper supply surplus
of 300,000 tonnes is forecast in 2015 by Australia's
Bureau of Resource and Energy Economics,
equivalent to half a year's output by South Korea.
Market Highlights - Crude Oil (% change)
as on December 16, 2014
Crude Oil
Unit
Last Prev.
day
WoW
MoM
YoY
Brent (Spot)
$/bbl
60.5
-1.4
-4.8
-25.1 -45.5
Nymex Crude
(Jan’15)
$/bbl
55.9
0.0
-12.4
-25.0 -42.6
ICE Brent Crude
(Jan’15)
$/bbl
59.9
-2.0
-6.8
-25.5 -45.8
MCX Crude
(Dec ’14)
Rs/bbl
3573.0
-0.7
-6.3
-24.9 -40.7
Source: Angel Broking
Daily
Wednesday 17, December 2014
week. Early in the session, prices slid more than
$2 barrel as major oil producers said they were
in no rush to cut production and curb a growing
glut. While both markets rebounded from
session lows, U.S. crude saw frenzied trading
that pushed it up more than $1 at one point as
players sought to defend prices at around the
$55 mark to avoid executing options that expire
in-the-money. Traders also cited a selloff in
gasoline/heating oil crack spreads, which they
said bolstered U.S. crude earlier in the day.
Brent pared some of its losses as traders tried to
keep the value of its expiring front-month contract,
January, close to the nearby February, which will
at USD 540 per kg in the first fortnight of the
be the market's benchmark from Wednesday.
current month.
Brent's front-month settled down $1.20, or nearly
The import tariff value is the base price at
2 percent, at $59.86 a barrel. Its session low of
which customs duty is determined to prevent
$58.50 was the lowest since July 2009.
under-invoicing. It is revised on a fortnightly
The contract has lost more than 10 percent
basis taking into account global prices.
in five days of trading. The price spread between
The increase in tariff value on imported gold
Brent and U.S. crude, a favorite arbitrage for oil
has been notified by the Central Board of Excise
traders, narrowed to below $4 a barrel from the
and Customs, an official statement said. Globally,
one-month high above $5 in Monday's session.
gold and silver prices have been volatile in the
Oil prices were driven down in early trade
last few weeks. In London, gold prices rose
by Russia's emergency rate hike in a failed
on Tuesday 0.53 per cent to USD 1,199.80 per
attempt to stabilize the rouble, and by decision
ounce, while silver rates too increased to USD
by Russia, the world's largest oil producer, not
16.22 per ounce. In the domestic market, gold
to cut its oil output.
prices however showed a decline.
News & Report
Analysis
Govt hikes import tariff value
on gold and silver
The government on Tuesday raised import
tariff value on gold to USD 396 per 10 grams and
Gold was sold at Rs 27,200 per 10 grams and
silver at Rs 37,050 per kg in the national capital
on Tuesday. Few days back, India — the world's
largest consumer of gold — further eased
import curbs by scrapping the controversial
80:20 scheme, under which importers were
mandated to export 20 per cent of the total
exports.
on silver to USD 561 per kg in line with volatile
A recent report commissioned by Wold Gold
global price trends. The tariff value on imported
Council (WGC) has suggested that India should
gold was at USD 388 per 10 grams and silver
move beyond import curbs and should come up
6
Daily
Wednesday 17, December 2014
with a national gold policy to put an estimated
agency reports citing Tata Steel management,
22,000 tonne of idle gold assets into active use.
the steelmaker had imported 2.3 million tonne
The report also recommended launch of
of Australian ore and bought about 0.8 mt from
several investment products, establishment of a
steel miner NMDC in the last three months to
Gold Board for managing import-export, develop
run its more than 100-year-old steel plant in
accredited refineries, drive gold monetisation by
Jamshedpur because of the closure of its mines.
incentivising banks and introduce compulsory
EU steel mills losing market
share to cheap imports:
Eurofer
quality certification of gold.
Following HC order Odisha
agrees to allow Tata Steel
resume mining
European Union steel mills are losing market
share as cheap imports surge from countries
such as China where steelmakers' margins are
protected by domestic policies, steel body
Eurofer said on Tuesday.
EU steel demand has grown by about
4 percent this year but a 22 percent surge
in finished steel imports means domestic
deliveries by EU mills have increased by only
about 1.5 percent, Eurofer said.
Eurofer's members include top global
The Odisha government, acting on an
interim court order, has agreed to let Tata Steel
steelmaker ArcelorMittal, ThyssenKrupp and
Voestalpine .
resume mining from four key iron ore mines in
"The proliferation of unfair trade practices
the state, which account for more than half the
by non-EU steel producing countries is
steelmaker's requirement.
undermining the level playing field for EU
"We have decided to implement the recent
steel producers, increasingly weakening their
Orissa High Court interim order and mining has
margins," said new Eurofer director general Axel
been allowed to resume until January 28 when
Eggert.
the court is to take up the matter again," said
The European steel sector is struggling to
state director of mines, Deepak Mohanty. With
recover from the effects of the financial crisis,
this, the company can resume mining at Joda
with demand down some 25 percent since 2008.
East, Joda West, Bamberi and Katamati mines.
Last month, Tata SteelB, Europe's second-
The development comes days after a
largest steelmaker, said it did not expect swift
Jharkhand High Court directed the state to
improvement in market conditions, though rival
issue express orders allowing the steelmaker to
ArcelorMittal was more positive in its outlook
mine, until the leases were renewed. The state
for the EU.
is to do this in a week or Tata Steel can resume
EU policymakers need to enforce trade
operations by December 18. According to
instruments such as anti-dumping duties to
7
Daily
Wednesday 17, December 2014
protect an industry that represents 1.3 percent
output growth target at low levels in recent
of the bloc's GDP and indirectly employs millions
years. The Steel Ministry has asked NMDC to
of Europeans, Eurofer said.
increase iron ore production at a faster clip in
NMDC to commission new
iron ore mines
the next few years than envisaged.
NMDC will commission its new iron ore
mines —Deposit -11B in Bailadila sector of
Chhattisgarh and Kumaraswamy in Donimalai
sector of Karnataka — in March and August of
next year.
At a performance review meeting at the Steel
Ministry on Tuesday, NMDC officials said the
two mines will add up 14 million tonne output
capacity, which would help the public sector
miner increase production levels substantially.
The delayed projects forced NMDC to keep
The mineral producer is to sign the production
MoU for 2015-16 by end of this month. The
Union Steel & Mines Minister Narendra Singh
Tomar directed NMDC on Tuesday to aim for
annual production of 75 mt iron ore by 2018-19
and 100 mt by 2020-21, according to a ministry
statement. Earlier, it had decided to scale up
its production of iron ore gradually. It aimed to
double output at 60 mt by 2018-19. The 100 mt
target was for 2024-25.
The new target was assigned at the meeting,
which also broke down annual achievable
targets in the next few years.
8
Daily
Wednesday 17, December 2014
Coal auction may push up
cost of power generation:
ICRA
implementation projects," ICRA said.
As a result, the auction process is expected
to increase the cost of coal for the power sector,
which in turn would put upward pressure on
price of generation and retail tariff, it said.
UCIL eyes stake in foreign
uranium mining cos
As shares of foreign uranium mining
companies remain sedate as a fall-out of the
continuing slide in ore prices, State-owned
Uranium Corporation of India is considering
picking up stakes in such companies, which
would be its first overseas foray. Global uranium
The auction of 74 coal blocks is likely to
prices are currently at about $40 a pound,
witness an intense competition among bidding
slightly higher than the eight-year lows of
companies and the exercise may push up the
$20-25 that ruled earlier in the year. Since the
fuel price for power sector, rating agency ICRA
Fukushima accident in Japan in 2011, uranium
said on Tuesday.
prices had retreated, in the wake of a build-up in
This in turn may put an upward pressure on
inventories after Germany’s decision to unplug
cost of power generation and the retail tariff, it
its nuclear energy programme. Delays in the
said.
restarting of nuclear reactors in Japan further
In a report, ICRA said the bidding for coal
accentuated the supply glut in the market.
blocks may be intense due to low execution
The depressed prices of the ore are mirrored
risks and their importance for both operational
in the sliding share prices of most uranium
and under implementation projects.
miners, making them potential buys. D Acharya,
These blocks are from over 200 coal mines
Chairman of UCIL, said the company was looking
whose allocations were quashed by the
at buying stakes in uranium mines located in
Supreme Court, which termed their allotment as
Canada, Australia, Malaysia and Africa. “The
"arbitrary and illegal". The first round of auction
choice before us is to either buy the uranium at
involving these blocks would be completed by
current low prices or pick up shares in mining
March 31.
companies, which are ruling relatively low due
"Given that the government is initially
to the price trends,” he stated on the sidelines of
focused on concluding the auction process
the annual conference of Indian Nuclear Society.
for identified mine blocks which are meant for
the specified end uses, competition is likely to
be intense for the affected project developers,
both due to lower execution risks in such
blocks and the importance of such mines in
ensuring viability of both operational and under
9