Metals & Mining - August 2013

7/29/2019 Metals & Mining - August 2013

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Source: 12th Five-Year Plan; Ernst & Young; Aranca Research

Third-largest coalproducer

Coal production has increased at a five-year CAGR of 4.6 per cent to 540 million tonnes inFY2012 making India the third largest producer in the world. Further, India has the fifth-largest coal reserves in the world

Fourth-largest iron ore

producer

Iron ore production expanded at a CAGR of 3.2 per cent during FY0711. Based on iron

ore production, India ranks fourth globally

Second-largest steelproducer by 2015

India is slated to become the second-largest steel producer by 2015. Crude steelproduction increased at a CAGR of 7.7 per cent over 200512

Fifth-largest bauxitereserves

India has the fifth-largest bauxite reserves, with deposits of about 3 billion tonnes or 5 percent of world deposits. Aluminium production is estimated to be 4.7 million tonnes perannum during 201217


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The engineering sector is delicensed;100 per cent FDI is allowed in thesector

Due to policy support, there wascumulative FDI of USD14.0 billion intothe sector over April 2000 February2012, making up 8.6 per cent of totalFDI into the country in that period

Growing demand

Source: DataMonitor, Aranca Research

Notes: FDI - Foreign Direct Investment, MMDR Bill - Mines and Mineral (Development and Regulation) Bill

Demand growth

Rise in infrastructure developmentand automotive production drivinggrowth in the sector

Power and cement industries alsoaiding growth in the metals andmining sector

Attractive opportunities

There is significant scope fornew mining capacities in ironore, bauxite, and coal

Untapped metal reserves inIndia are to the tune of 82billion tonnes

Policy support

100 per cent FDI allowed in themining sector under the Automatic

Route Mining lease granted for a longduration of minimum 20 years andup to 30 years

Approval of MMDR Bill (2011) toprovide better legislativeenvironment for investment andtechnology

Competitive advantage

India holds a fair advantage incost of production and conversion

costs in steel and alumina Its strategic location enables

convenient exports to developedas well as the fast-developingAsian markets

2011

Industryvalue:

USD141.9billion

2015F

Industryvalue:

USD305.5billion

AdvantageIndia


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Source: World Steel Association (WSA), DataMonitorNote: CAGR - Compound Annual Growth Rate

Mining sectorreceived a boost

postindependenceunder theimpact ofsuccessive FiveYear Plans

Central GovernmentpromulgatedIndustrial PolicyResolution

The exploration ofminerals wasintensified and the

Geological Survey ofIndia wasstrengthened

Indian Bureau ofMines wasestablished to lookafter the scientificdevelopment ofmineral resources

Mineral ExplorationCorporationestablished toconduct explorationwith focus on coal,iron ore, limestone,dolomite andmanganese ore

1947

1956

1972

Present

India is the largest

producer of sheet mica,the third largest producerof iron ore and the fifthlargest producer ofbauxite in the world

Crude steel production inIndia expanded at aCAGR of 6.7 per centover 1980-2012

India accounted for 7.3per cent of the metalsand mining industry inthe Asia-Pacific region in2011


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Metals and Mining

Iron and steel segment offers a product mix which includes hot

rolled parallel flange beams and columns rails, plates, coils, wire

rods, and continuously cast products such as billets, blooms, beam,

blank, rounds and slab, and metallics and ferro alloy

Coal market consists of primary coal (anthracite, bituminous and

lignite)

Coal

Iron and steel

Aluminium segment includes alumina chemicals, primary aluminium,

aluminium extrusions, aluminium rolled products

Base metal market consists of lead, zinc, copper, nickel and tinBase metals

Aluminium

Precious metals market includes gold, silver, platinum, palladium,

rhodium, diamond

Precious metals andminerals


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Source: DataMonitor, Aranca ResearchNote: CAGR - Compound Annual Growth Rate

Value of Indias metals and mining industry(USD billion)

Indias metals and mining industry recorded a strong 19.8per cent expansion in 2011 to touch USD141.9 billion

Much of the above growth in the industrys value can beattributed to higher prices given that production volumegrowth was relatively lower at 3.2 per cent (total productionstood at 716.3 million metric tonnes)

Production volumes have been growing steadily over theyears over 2007-11, it registered a CAGR of 5.2 per cent;with prices also rising during this period, the sectors valuerose by around 17.7 per cent (CAGR)

74.0

105.4

89.7

118.4

141.9

2007 2008 2009 2010 2011


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Source: DataMonitor, Aranca Research

Shares in Indias metals and mining industry (2011)

Iron and steel is the largest segment of the Indian metals and mining industry, accounting for 68.5 per cent of the overallindustry value (2011); coal is the other major sub-segment with a 26.5 per cent share

India accounted for 7.3 per cent of the metals and mining industry in the Asia-Pacific region in 2011

Indias share in the metals and mining industry in

Asia-Pacific (2011)

73.8%

20.8%

3.2%

2.0%

0.2%

Iron & Steel

Coal

Aluminium

Base Metals

Precious metals &minerals

71.7%

8.3%

7.1%

3.9%9.0%

China

Japan

India

South Korea

Rest of Asia-Pacific


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Source: Ministry of Mines (Annual Report 201112);Aranca Research

Iron ore production (million tonnes)India is the worlds fourth largest iron ore producer (globalshare of 11 per cent)

Iron ore production is estimated to have increased at aCAGR of 3.2 per cent during FY0711. Total production inFY13 stood at 140.1 million tonnes

Private sector accounted for 67 per cent of Indias total ironore production in FY12

In FY12, Odisha, Karnataka, Chhattisgarh, Goa, andJharkhand accounted for 97 per cent ofIndias total iron oreproduction

188213 213 219 207

167140

FY07 FY08 FY09 FY10 FY11 FY12 FY13


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Source: World Steel Association, Aranca Research

Note: e - Estimate

Crude steel production (million metric tonnes)

Given that iron ore is a key ingredient in steel production, the expansion in iron ore production in India can be linked to thecountrys fast-expanding steel sector

Crude steel production is estimated to reach 76.7 million metric tonnes in 2012, expanding at a CAGR of 7.7 per cent over200512. Production in Q1 2013 is estimated at 19.8 million metric tonnes

India is the worlds fourth-largest producer of crude steel (2012), with a global share of 5.1 per cent

Shares in global crude steel production (2012)

45.8 49.5

53.1 57.8

62.8 66.872.2

76.7

2005 2006 2007 2008 2009 2010 2011 2012e

46.9%

7.1%

5.9%

5.1%

4.7%China

Japan

United States

India

Russia


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Source: Ministry of Commerce, Aranca Research

Indias exports of iron and steel (USD billion)India is the worlds third largest exporter of iron ore

With rising domestic demand-supply gap and to makedomestic supplies more attractive, the government onMarch 2011 hiked freight charges and taxes on iron oreexports

Indias Iron and steel exports increased at a CAGR of 4.2per cent to USD8.1 billion in FY13

6.6

7.5

4.5

7.1

8.3 8.1

FY08 FY09 FY10 FY11 FY12 FY13


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Source: Reserve Bank of India, Aranca Research

Indias imports of iron and steel (USD billion)India has turned into a net importer of iron and steel due tostrong growth in the manufacturing sector and risinginfrastructure projects

Indias transition into a net importer of steel despite thestrong growth in domestic steel production shows thedemand potential of the sector

The impact of strong growth in domestic steel productionhas been most felt in the iron ore sector; with steel firmsever rising demand for the raw material, Indias imports ofiron ore has been growing steadily (for example, iron andsteel imports increased at a CAGR of 8.4 per cent overFY08-13)

9.110.3 8.8

11.0

13.6 13.6

FY08 FY09 FY10 FY11 FY12 FY13


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Source: Ministry of Mines, Aranca Research

Note: CAGR - Compound Annual Growth Rate,P - Provisional, E - Estimate

Coal production (million tonnes)Coal production recorded a CAGR of 4.3 per cent overFY08-12

In the coming years, coal production in the country is likelyto receive a boost as the government plans to replace thecountrys captive mining policy in coal and iron ore with anopen bidding one

457

493

532 533 540

488

FY08 FY09 FY10 FY11 FY12(P) FY13(E)


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Source: BP Statistical Review of World Energy June 2012,Aranca Research

Shares in global coal production (2011)India is the worlds fourth-largest producer of coal and hasthe fifth-largest reserves globally

Coal India Ltd (CIL), a Government of India enterprise, isthe worlds largest coal company based on raw coalproduction and coal reserves

49.5%

14.1%

5.8%

5.6%

5.1%

20.0% China

US

AustraliaIndia

Indonesia

Rest of the World


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Source: Geological Survey of India, Indian Bureau of Mines, Aranca Research

Notable

Trends

Coal deposits in million tonnes (mt)Iron ore deposits in million tonnes (mt)

States with major coal deposits

Jharkhand (76,963 mt)

Odisha (66,307 mt)

Chhattisgarh (46,682 mt)

West Bengal (29,853 mt)

Andhra Pradesh (22,016 mt)

Madhya Pradesh (21,988 mt)

Maharashtra (10,308 mt)

States with lower coal deposits

Uttar Pradesh (1062 mt)

Meghalaya (577 mt)

Assam (387 mt)

Nagaland (316 mt)

Bihar (160 mt)

Sikkim(101 mt)

Arunachal Pradesh (90 mt)

States with iron ore deposits

Odisha (44.8 mt)

Karnataka (34.3 mt)

Goa (3.7 mt)

Chhattisgarh (3.4 mt)

Jharkhand (3.2 mt)

Andhra Pradesh (0.8 mt)

Madhya Pradesh (0.3 mt)

Maharashtra (0.1 mt)


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Source: World Bureau of Metal Statistics (WBMS),Economist Intelligence Unit (EIU), ICRA Management Consulting Services Ltd (IMaCS), Aranca Research

Note: ICRA - Information Credit Rating Agency Ltd

Aluminium demand by sector (2011)

Currently, aluminium is the second most used metal in the world after steel and the third most available element in theearth constituting almost 7.3% by mass

India has 3.3 billion tonnes of bauxite reserves, the fifth-largest deposit of bauxite globally

Indias share in global aluminium production (2012)

39.0%

18.0%

15.0%

9.0%

19.0%Electrical

Transport

Machinery

Packaging

Other

43.9%

8.7%6.0%

5.1%

4.5%

4.1%

4.1%

3.7%

19.9%

China

Russia

Canada

EU

US

UAE

Australia

India

Rest of the World


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Source: World Bureau of Metal Statistics (WBMS),

12th Five Year Plan,EIU, ICRA Management Consulting Services Ltd(IMaCS), Aranca Research

Note: ICRA - Information Credit Rating Agency Ltd

Aluminium production in 2012 (million tonnes)Aluminium production is estimated to be 4.7 mill ion tonnesper annum during 201217. Output growth is expected toaverage around 4.5 per cent in 201314

India's primary aluminium production capacity is expected toincrease from 1.7 tonnes per annum (tpa) in 2012 to 4.7 tpaby end-2017, with much of the expansion in capacity andproduction targeted for export markets

1.6

1.7

1.7

1.8

1.9

2010 2011 2012 2013F 2014F


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Source: WBMS, EIU, Aranca Research

Aluminium consumption (million tonnes)The growth in global aluminium consumption averaged 6.8per cent in 2012, while consumption in India rose 7.5 percent in the same year

During 200711, world aluminium consumption expanded atan estimated CAGR of 4.6 per cent

Growth is forecast to average just over 7 per cent in 201314

Aluminium's main markets are China (which represented41.4 per cent of worldwide demand in 2011), followed bythe US (9.6 per cent), Germany (5 per cent), Japan (4.6 percent), and India (3.7 per cent)

1.51.6

1.7 1.8

1.9

2010 2011 2012 2013F 2014F


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Segment Major Player Market Share Other players

Iron and Steel NA Sesa Goa, SAIL, Orissa Minerals

Coal 80 per centSingareni Collieries Company,

Reliance Natural Resources

Aluminium 60 per cent

National Aluminium Company

(NALCO),Bharat Aluminium Company

(BALCO)


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Note: MT - Metric Tonnes

Captive mining for coal

In captive mining for coal, companies are permitted to set up coal washeries and forspecified end uses, including the setting up of power plants, fertilisers and steel units

Under the captive route, the government has allocated 198 coal blocks with geologicalreserves of about 42 billion tonnes to various public and private sector companies

Focus on domesticmarket

The demand for metal and metal products is rising in the domestic market with India beinga net importer in the metals segment

In March 2011, freight charges and taxes on iron ore exports were increased to boostdomestic supplies

Overseas ventures

In search of greater mineral opportunities, an increasing number of Indian miningcompanies are venturing overseas in a bid to secure stable, long-term supplies of mineralsespecially in the areas of coal and iron ore

Coal India plans to export 10 MT of coal from Mozambique to India in the next 10 years;the company is seeking more license blocks in Mozambique


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Note: M&A - Mergers and Acquisitions, FDI - Foreign Direct Investment

Policy support

Relaxed FDI norms

Allowing privateownership

Reduced customsduty

Increasing investments

Value of M&A deals inmetals and mining rose

at a CAGR of 138 percent over 2008-11

Increasing FDI

Inviting Resulting in

Higher demand formetals

Growing infrastructure

investments

Sustained growth inIndias automotive

sector

Aluminium and coal

benefiting from risingpower production

Rising production ofcement increasingdemand for coal


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Source: SIAM, Aranca Research

Note: FY - Indian Financial Year (April - March)

Sustained growth in Indias automotive sector has been driving demand for steel and aluminium

Production of automobiles increased at a CAGR of 12.2 per cent over FY0513

Passenger vehicles was the fastest-growing segment, representing a CAGR of 15.4 per cent

India is expected to become the worlds third-largest auto market by 2020

Total production of automobiles in India (million units)

1.2 1.3 1.3 1.61.8 2.4

3.03.1

3.2

0.4 0.40.5 0.6 0.4

0.6 0.8 0.8 0.8

0.4 0.4 0.6 0.5 0.5 0.60.8 0.8 0.8

6.5

7.6 8.5 8.0 8.4

10.5

13.4

15.5 15.9

FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13

Passenger Vehicle Commercial Vehicle Three Wheelers Two Wheelers


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Source: Central Electricity Authority (CEA), Aranca Research

Note: TWh - Terawatt-hour,P- Provisional

Power generation in India (in TWh)The power sector accounts for a large share of theconsumption of aluminium and coal in the country

Power generation in India expanded at a CAGR of 5.7 percent during FY0613

In FY13, total power generation capacity stood at 223,344MW, with capacity addition of 20,623 MW during the year

In the Eleventh Plan, India is estimated to have addedaround 60,000 MW of generation capacity at an investmentof USD11.5 billion

To meet growing power demand, the Power Ministry hastargeted capacity addition of 85,000 MW in the Twelfth Plan(2012-17) period

618 663 705

724 772811

876 912

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13P


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Source: Business Monitor International s (BMI) report on

infrastructure industry in India Q4 2012, Aranca ResearchNote: F - Forecasts (by BMI)

Indias expanding infrastructure industry

(USD billion)Infrastructure projects continue to provide lucrative businessopportunities for steel, zinc and aluminium producers

Indias infrastructure sector expanded at a CAGR of 15.8per cent over FY08-11

37

48 48 5866 65

8197

115

136

FY08

FY09

FY10

FY11

FY12E

FY13F

FY14F

FY15F

FY16F

FY17F


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Source: Business Monitor International s (BMI) report on

infrastructure industry in India Q4 2012, Aranca ResearchNote: F - Forecasts (by BMI)

Residential and non-residential building industry(USD billion)

Indias residential and non-residential building industryexpanded at a CAGR of 10.7 per cent over FY08-11

Growth in the sector is set to increase in the nextfew years; forecasts put the CAGR for FY12-17 at14.5 per cent

Iron and steel being a core component of the real estate

sector, demand for these metals is set to continue givenstrong growth expectations for the residential andcommercial building industry 57 55

70

80 7996

113

134

158

FY09 FY10 FY11 FY12F FY13F FY14F FY15F FY16F FY17F


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Source: Department of Industrial Policy and Promotion,12th Five Year Plan, Aranca Research

Note: E - Estimate, MTPA - Million Tonnes Per Annum,CAGR - Cumulative Average Growth Rate

Cement production in India (million tonnes)India is the worlds second-largest producer of cement; thesectors strong expansion over the past decade has been akey contributor to rising coal demand

Cement production increased at a CAGR of 9.7 per cent to272 million tonnes over FY0613

Production is expected to reach 407 million tonnes by FY17,

as per the 12th Five-Year Plan

By FY13, the cement sector is expected to add 30-40 MTPAof additional capacity

142 156 168

182207

229247

272 300332

368 407

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13E

FY14E

FY15E

FY16E

FY17E

CAGR: 9.7%


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Source:Aranca Research

Higher cement

production

Increasing number of

houses

Large infrastructure

projects

Expanding road

construction

Government support


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Source: India Mining Report by BMI-Q2 2012, Aranca ResearchNote: Description of each headline given in the Appendix

Within the Asia-Pacific region, India is ahead of South Korea and Philippines in the mining sector; at the same time it is incompetition with Australia, Malaysia, China, Indonesia and Japan

Limits of potential returns Risks to realisation of returns

MiningIndustry

Countrystructure Limits

Marketrisks

Countryrisk Risks

Miningrating

India 25.0 52.8 34.7 68.5 53.2 60.8 42.6

South Korea 10.0 66.2 29.7 77.7 57.5 67.6 41.0

Japan 12.5 70.8 32.9 86.4 77.9 82.1 47.7

Philippines 17.5 56.2 31.1 60.4 41.5 51.0 37.0


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Note: FDI - Foreign Direct Investment

Allowing privateownership

Government of India is encouraging private ownership for steel operations and other highpriority industry

Reduced custom duty Government of India significantly reduced the duty payable on finished steel products and

has streamlined the associated approval process

Relaxed FDI norms FDI up to 100 per cent is permitted under the Automatic Route to explore and exploit all

non-fuel and non-atomic minerals and process all metals as well as for metallurgy FDI caps for coal and lignite has been increased to 100 per cent under the automatic route

Approved NMP In a positive move for the sector, in 2008, the Indian Cabinet approved the National

Mineral Policy (NMP) 2008, to boost FDI in mining


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Note: GOI - Government of India, PSUs - Public Sector Undertakings

Overview of the MMDRBill

GOI approved the new mining bill the Mines and Minerals Development Bill (MMDR Bill) on 30th Sep 2011; the bill calls for mining firms to share either profits or amountsequivalent to royalties with local communities

The proposed bill is expected to make it easier to win local approval and smoothen theland acquisition process

General restrictionsand mineralconcessions

Reservation of areas for PSUs removed

State governments to set up special courts to expedite prosecution in illegal mining Statutory Coordination cum Empowered Committee at central and state levels to decide

upon stringent penalties for offences

Process of revenuecollection and usage

Central government to establish National Mineral Fund; respective state governments toestablish State Mineral Fund(s)

District Mineral Foundation will be set up by the state government which will work for theinterest and benefit of persons or families affected by mining related operation in the

district and will be managed by a governing council The mining tax collected will be spent within the district


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Source: Thomson Banker, Deal Tracker, Aranca Research

Total M&A deal value in metals and mining increased at a CAGR of 138 per cent during 2008-11

In 2011, M&A deal value in the mining sector stood at USD11.2 billion, 292 per cent higher than the corresponding figurefor 2010 (USD2.9 billion)

M&A activities (as of Mar 2013)

Acquirer TargetAcquisition Price

(USD million)

Vedanta Resources PLC Cairn India Ltd (30.4% stake in December 2011) 4,541.9

Sesa Goa Ltd Sterlite Industries 3,911.0

Vedanta Resources PLC Cairn India Ltd (10.1% stake in July 2011) 1,513.2

GVK Power & Infrastructure Ltd Hancock Coal-Queensland Coal 1,260.0

Sesa Goa Ltd Cairn India Ltd 1,175.9

JFE Steel Corp JSW Steel Ltd 1,029.1

Lanco Resources Australia Griffin Coal Mining Co Pty Ltd 722.7


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Source: Bloomberg, Aranca ResearchNote: MT - Million Tonnes, MoU - Memorandum of Understanding

Revenues (USD billion)CIL supplied 465.2 MT of coal during FY13, with a record-high increase of over 32 MT in coal offtake

As per the MoU signed with the Ministry of Coal forFY201314, CIL fixed coal production target at 482 MT andoff-take target at 492 MT

6.5

8.1 8.59.4

11.5

14.6 12.7

FY07 FY08 FY09 FY10 FY11 FY12 9MFY13

Set up in 1967, Coal India Limited (CIL) is the largest coal mining company in India

Coal India contributes around 81 per cent of total coal production in India


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Source: Company website, Aranca Research

Coal production (in million tonnes)The company's strategic overseas ventures with Colombiaand US enabled it to meet India's rising energy demand

CIL has drawn up a five-year investment plan worthUSD9.32 billion, half of which would be capital investments,including the acquisition of overseas coal assets

Government has recently allocated 116 coal blocks to CIL

for expansion

336.6

353.3

377.2

395.1

390.0

392.5

408.6

24.3

26.2

26.5

36.1

41.4

43.4

43.7

FY07

FY08

FY09

FY10

FY11

FY12

FY13

Non Coking Coal Coking Coal


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Source: Company website, Aranca ResearchNote: Viswakarma Award is for outstanding achievement or good

performance on the part of workers in increasing productivity,quality, safety, working conditions, import substitution etc.

CAGR - Compounded Annual Growth Rate

Revenues (USD billion)SAIL has entered into a Joint Venture with POSCO, Korea;Kobe Steel Limited, Japan; Rashtriya Ispat Nigam Ltd;Larsen & Toubro Ltd; National Mineral DevelopmentCorporation; Hindustan Prefab Ltd; and IRCONInternational Limited, Turkey

SAIL employees bagged the maximum number ofViswakarma Awards declared in Aug 2009

SAIL's expansion plan worth USD15 billion will increase itsproduction capacity from 14 million tonnes per year (current)to 24 million tonnes by 2013

7.1 8.2

9.0

8.4 8.9

9.6 9.8


Incorporated in 1954, Steel Authority of India Ltd (SAIL) is India's second largest producer of iron ore


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Source: Company website, Aranca Research

Total saleable steel production (million tonnes)It won the Gold Trophy of SCOPE Meritorious Award forR&D, Technology Development & Innovation for 2007-08

It was also awarded the Corporate Social Responsibility &Responsiveness by the President of India in FY09

12.6 13.0 12.5 12.6 12.9 12.4

9.3



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Source: WSA, Ernst and Young, Aranca ResearchNote: kg - Kilograms

Untapped market withstrong growth potential

Indias per capita steel

consumption was 59 kg in

2012 compared with theglobal average of 215 kg

Rural per capita steel

consumption is likely to

reach around 20 kg from

13 kg currently

By FY12, a shortfall is

expected in domesticsupply of steel worth 3-8

million tonnes

Scope for new miningcapacities in iron ore,

bauxite and coal

India has the worlds fifth-

largest reserve base of

bauxite and fourth-largestbase of iron ore

respectively, and accounts

for about 7 per cent and 11

per cent respectively, of

total world production

Moreover, India has the

worlds fifth-largest coal

reserves and accounts for7.5 per cent of total global

production

Rapid growth of user-industries to drive

demand for metals andminerals

Strong long-term demand

from the steel industry is

expected to further boostthe iron ore industry

Increasing power

production is likely to

catapult demand for coal

Booming construction,

automobiles, and

packaging industries areexpected to lend

substantial support to the

metals and mining sector


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Source: PwC, Aranca ResearchNote: MT - Metric Tonnes, MTPA - Metric Tonnes Per Annum

Exploration in proposed explorationzones

Odisha: Bonai (Keonjhar belt) andTomka (Daitari and Umerkoke belts)

Jharkhand: All major high-grade oredeposits contain low-grade lateritic ores

Karnataka: Bagalkot, Tumkur, andChitradurga districts

Maharashtra: Sindhudurg, Gadchiroli,and Gondia

Chhattisgarh: All 14 deposits of Bailadilarange, Dantewada district

Andhra Pradesh: Kadapa, Kurnool,Karimnagar, Adilabad, and Gunturdistricts

Opportunities for value-add projectsand agglomeration plants for fines

utilisation

Fines production was approximately 126MT in 200910

Pelletisation capacity is about 24MTPA

Sintering capacity is about 39MTPA

Scope for domestic and foreign firms inupcoming PPP opportunities

Joint venture or technicalparticipation with midcap playerswith lease/license and seekingcapital, expertise and technology

In coal mines with auctions, andiron ore mines with larger scale


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Aluminium Association of India118, 1st Floor, Ramanashree Arcade18, M. G. RoadBengaluru, Karnataka-560 001Phone: 91- 80-25582197, 25582757Fax: 91-80-25594535E-mail: [email protected]

Federation of Indian Mineral IndustriesFIMI House, B-311, Okhla Industrial AreaPhase-I, New Delhi-110 020Phone: 91-11- 26814596Fax: 91-11- 26814593E-mail: [email protected]

Indian Stainless Steel Development AssociationL -22/4, DLF PhaseIIGurgaon, Haryana-122 002Phone: 91-124 - 4375501Fax: 91-124 - 4375509E-mail: [email protected]


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CAGR: Compound Annual Growth Rate

FDI: Foreign Direct Investment

FY: Indian Financial Year (April to March)

So FY10 implies April 2009 to March 2010

GOI: Government of India

IBM : The Indian Bureau of Mines

MoU: Memorandum of Understanding

PPP: It could denote two things (mentioned in the presentation accordingly)

Purchasing Power Parity (used in calculating per-capita GDP)

Public Private Partnership (a type of joint venture between the public and private sectors)

PE: Private Equity

USD: US Dollar

Wherever applicable, numbers have been rounded off to the nearest whole number


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Year INR equivalent of one US$

2004-05 44.95

2005-06 44.28

2006-07 45.28

2007-08 40.24

2008-09 45.91

2009-10 47.41

2010-11 45.57

2011-12 47.94

2012-13 54.31

Exchange Rates (Fiscal Year)

Year INR equivalent of one US$

2005 45.55

2006 44.34

2007 39.45

2008 49.21

2009 46.76

2010 45.32

2011 45.64

2012 54.69

2013 54.45

Exchange Rates (Calendar Year)

Average for the year


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Metals & Mining - August 2013

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