GST collections rose by 15.4% in July to 2.11 lakh crore rupees due to increased imports

India and China have resumed traditional border trade on Saturday through the Lipulekh pass in Uttarakhand state and Shipki La in Himachal Pradesh state. These two key Himalayan trade routes had been closed for nearly six years due to the Covid-19 pandemic.

In the Pitorgarh area of Uttarakhand state, at the Lipulekh point, the first group of 16 traders and four support staff crossed into Tibet without goods, marking the start of the resumption of trade operations. Chinese authorities initially limited the group to 20 people, citing infrastructure issues at the Tacheng market, and required advance submission of detailed personal information for all traders. Furthermore, they requested priority be given to those who participated in the last trading season in 2019.

In accordance with this requirement, the traders' association selected those whose goods were stuck in Tacheng after the suspension of trade in 2020. Ashish Joshi, SDM and district trade officer, noted: 'Priority was given to traders who participated in the 2019 trading season and left their goods in Tacheng.'

Meanwhile, in Himachal Pradesh, Revenue Minister Jagat Singh Negi accompanied the first batch of 16 Indian traders traveling by horseback to the village of Shipki in Tibet via the 3930-meter high Shipki La pass. The trade, which was halted in 2020 due to Covid, was scheduled to resume on June 1st but was postponed due to security concerns and insufficient infrastructure at the trading point.

Trade through Shipki La, which will be open until November 30th, will continue under the traditional barter system. Indian traders are allowed to stay abroad for up to 72 hours, while local administration approved 53 traders after background checks. Indian traders are permitted to export 36 categories of goods, including dried fruits, spices, handicrafts, and herbs, and Chinese traders can import 20 categories of goods such as pashmina, wool, barley skin, fur, and Chinese clay. Officials reported that the total list includes 72 categories of goods subject to trade from India and 30 from China.

Negi also opened the Chuppan trading market worth 1.7 crore rupees in Namgya village, Pu subdivision, near the international border, to promote cross-border trade. In response to local traders' requests to expand the list of tradable goods, Negi stated that this proposal would be presented to Prime Minister Sukhvinder Singh Sukhu and the Ministry of External Affairs.

The board of directors of African Rainbow Minerals (ARM) has approved the Bokoni project, valued at 15.2 billion Rands, which will double the company's platinum production within the group.

This large-scale plan aims to create shareholder value and establish a solid foundation for future growth in the global platinum group metals (PGM) market. ARM's presentation to investors on Friday demonstrated a clear development roadmap following the completion of a comprehensive feasibility study.

The study, finalized in June, assessed key operational areas, including mining, processing, infrastructure, capital expenditure, and cost management. According to the group's presentation, the chosen operating model is based on traditional block caving, supplemented by mechanized development, ensuring high efficiency and greater output.

Technical verification conducted by the global consulting firm Hatch, along with subsequent financial model assessment, confirmed the project's viability. Previously, Bokoni had been in maintenance mode since 2017 because Anglo American Platinum and Atlatsa Resources could not generate profits due to complex mining conditions. ARM acquired Bokoni in December 2021 for 3.5 billion Rands and subsequently committed to investing an additional 5.3 billion Rands over three years for mine reconstruction. The current estimated value of the new project stands at 15.2 billion Rands.

The Bokoni project is set to increase annual production capacity by 350,000 – 400,000 ounces of 6E (platinum, palladium, rhodium, osmium, iridium, and gold), effectively doubling the volume of PGM attributed to ARM. This will expand operations not only at Bokoni but also at the Two Rivers and Modikwa mines. With an expected capacity of 180 thousand tonnes per month (ktpm), the development offers a competitive cost structure, strengthening ARM's market position.

The nineteen-year operational plan involves utilizing only 13% of the measured and indicated mineral resources of the Upper Bokoni Group, leaving significant reserves for future exploration and development. The ore body contains approximately 31 million ounces of 6E with an average grade of about 7.4 grams per tonne and 18% chromium content, highlighting potential for both immediate profit and long-term sustainability.

The project's financial forecast appears robust, evidenced by a projected internal rate of return (IRR) of 28%, exceeding ARM's investment thresholds. This financial strength will enhance the group's global competitiveness and unlock the full potential of the high-quality asset ARM already owns. The average head grade at Bokoni, at 6.1 grams per tonne, is significantly higher than at Modikwa and Two Rivers, and existing infrastructure simplifies development timelines and reduces capital costs.

The phased approach to the project will link capacity increases directly to development stages. Initial operating capacity will grow from 60 thousand tonnes per month to the planned 180 thousand tonnes per month by 2033, allowing for gradual volume scaling with prudent cost management. Modernization of existing infrastructure, including the recommissioning of the chrome recovery plant, will ensure early cash flow generation, creating a basis for stable financial returns.

With an anticipated peak funding of 10.4 billion Rands by September 2029, the payback period for the investment is estimated at 6.3 years. A conservative base case forecasts an annual free cash flow of 4 billion Rands before financing, supported by a cautious long-term price outlook. Nevertheless, ARM plans to manage price volatility through staged capital deployment and strict funding control. ARM, leveraging over two decades of experience in underground platinum mining, aims to successfully execute the Bokoni project, especially against the backdrop of significant growth in global platinum prices—from around $1,000 per ounce at the end of 2025 to nearly $2,800 per ounce in January 2026 (although the price later dropped to approximately $1,600 per ounce).