DICL to begin iron production by 2030

Kathmandu, July 21

The Dhaubadi Iron Company Limited (DICL) has moved ahead with an initial plan to conduct mining in at least two of the six blocks identified for Iron Ore Mineralisation Area at Duaubadi in Hupsekot Rural Municipality–05 in Nawalparasi (East). 

Issuing a letter on June 24, the company announced that it awarded the contract for the preparation of Mining Scheme Report for two of its blocks – Pokhari and Ratekhola – to Ekjati Engineering Pvt. Ltd. 

The report will provide an operational blueprint detailing how the company will extract minerals systematically and safely.

According to the preliminary estimates of the Department of Mines and Geology (DMG), Duaubadi mineral area has 100 million tonnes iron ore deposits. The project details published by the Investment Board of Nepal (IBN) for the Investment Summit 2024, estimates that Pokhari has 7.3 million tonnes ore and Ratekhola 18 million tonnes. 

Other blocks include Dhaubadi 32.5 tonnes, Durlunga 14.2 million tonnes, Ramche (North) 15 million tonnes, and Ramche (South) 9.3 million tonnes. 

 According to Dr. Janak Bahadur Chand, CEO of the DICL, the company is in the phase of quality testing or chemical analysis of the sample deposits from the sites. 

"We have sent the sample to labs for the chemical analysis. The analysis will tell us what will be the share of iron ore in the total minerals. It will take 2-4 months," he said. 

Work for the preparation of the Detailed Project Report (DPR) will also begin soon. Eleven consultants have responded to the company's call for the DPR preparation, and the task is supposed to complete in one-and-a-half years. Earlier, in absence of multi-year policy for DPR preparation had created hurdles which is no more a case. 

The company has also performed drilling in multiple locations to extract materials for the testing and analysis. While the drilling was required to go 2200 metres down, the progress is made up to 1512 metres. This drilling has provided the required number and quality of samples, and the company said that further drilling might not be needed. 

At Dhaubadi, iron band thickness is estimated at 15-30 metres and features alternating sequences of hematite-rich bands and slate/phyllite. 

However, since the project is in its initial phase, it has to achieve multiple milestones before it begins industrial projection. The Rs. 51.25 billion (US$ 394.2 million) project (according to 2024 estimates) is supposed to generate US$391 million in revenue and earn net profit of $29 million. 

According to Dr. Chand, if things go as planned, the company will begin production by early 2030. 

The information published the IBN also mentions that Daubadi has reserves of 126.76 million tonnes of Hematite ore. Earlier chemical analysis has shown that it has 17 per cent to 58 per cent total iron (TFe) within mineralisation zone. Meanwhile, the metallurgical test has shown that it has 35 per cent iron on an average. 

Dr. Chand said that apart from iron, the company will produce silica and quartzite as well as gravel needed for the railway projects as the by-products. The plant will also produce about 70 megawatts of electricity. "It is a zero-waste project," he said. The project is expected to substitute about one fourth of the total iron demand in the country which is estimated to exceed 2 million tonnes. 

Meanwhile, the government has reannounced that the government's share in the DICL would be reduced and private sector companies will be invited to run the project in Public-Private-Partnership (PPP) model. Finance Minister Dr. Swarnim Wagle made this announcement in the budget for this year 2026/27.

Published in The Rising Nepal daily on 22 July 2026.         

PM Shah vows support to promote export business

 Kathmandu, July 24

Prime Minister Balendra Shah has reaffirmed the government's commitment to addressing the concerns of entrepreneurs and businesses in order to expand the international market for Nepali products.

In a meeting with the representatives from the export related business associations held at the Prime Ministsr's Office on Friday, he pledged to take initiatives to facilitate trade with the USA, promote sheep farming in Karnali and Sudurpaschim provinces and address issues in dog chew industry.

Representatives of the Nepal Plywood Manufacturers' Association (NPMA), Nepal Carpet Manufacturers and Exporters' Association (NCMEA), Nepal Pashmina Industries Association (NPIA), and the Nepal Dog Chew Manufacturers' Association (NDCMA) were invited by the prime minister to discuss their challenges and solutions to them.

During the nearly two-hour meeting, Balaram Gurung, President of the NCMEA, said that although the United States and Europe remain the principal markets for Nepali carpets, new US regulations have created significant export difficulties, leaving exporters adversely affected.

He updated the PM that the USA has made certification by the Consumer Product Safety Commission (CPSC) mandatory from July 9. However, exports have been disrupted because Nepal lacks the required certification facilities, while the laboratory of the Nepal Bureau of Standards & Metrology was destroyed during the Gen Z movement.

"So, until an alternative arrangement is in place, the Ministry of Foreign Affairs (MoFA) send a diplomatic note to the US customs authorities seeking a one-year grace period for the testing requirement," Said Gurung.

Prime Minister Shah immediately instructed the ministry to take the necessary steps to implement the request, his secretariat informed in a statement.

Gurung also urged PM Shah to ensure the timely issuance of quarantine certification for imported wool used as raw material in carpet production. He explained that certification is currently carried out only three times a month, creating difficulties for businesses.

In response, the prime minister instructed the concerned authorities to increase the frequency of quarantine certification to two days a week. He also responded positively to the establishment of a Carpet Development Board under the Ministry of Industry, Commerce and Supplies, as suggested by Gurung. In addition, he said the government would promote sheep farming in Karnali and Sudurpashchim Provinces to increase the production of both meat and wool.

Similarly, Hom Prasad Ghimire, President of the NPMA, said that although Nepali plywood is of higher quality than imported alternatives, entrepreneurs in the sector continue to face difficulties due to existing legal provisions.

According to him, Nepal's 85 plywood factories have invested around Rs 40 billion, yet veneer, the principal raw material for plywood production, is being exported to India from Nepal at very low customs duty rates.

Prime Minister Shah said the government is working to raise customs duties on veneer exports in order to discourage the export of raw materials.

Likewise, Dhan Prasad Lamichhane, President of the NPIA, said that despite the abundance of grazing land in the Himalayan region, provisions of the Forest Act have made sheep farming in these areas difficult.

According to the statement, Prime Minister Shah assured him that the government would hold the necessary consultations and amend the legislation where required. He also expressed government's readiness in establishing collection centres for wool and other natural fibres required for pashmina production at the local level, together with processing centres at the provincial level.

Similarly, Resham Bahadur Pokharel, President of the NDCMA, said that some legal obstacles have prevented the industry from achieving its desired level of production and exports. He said that dog chews should be classified as a pet food industry rather than a dairy product and that such industries should be allowed easier access to imports of skimmed milk powder.

Prime Minister Shah said the government would study the proposal and address the issue if it is found to be appropriate.

Published in The Rising Nepal daily on 25 July 2026.         

Nepal-Australia BCM discusses leveraging diaspora networks

 Kathmandu, July 24

The Third Meeting of the Nepal-Australia Bilateral Consultation Mechanism (BCM) held in Kathmandu on Friday discussed strengthening people-to-people links by leveraging diaspora networks, managing migration and visa frameworks and exploring sister-city relations. 

The Ministry of Foreign Affairs (MoFA) informed that the BCM highlighted various areas of cooperation, including the expansion of trade relations, air connectivity, tourism, investment in Nepal's hydropower sector and the establishment of a formal educational cooperation framework for education and research. 

"Both sides also exchanged views on regional and international trends, human rights, carbon trading frameworks and reciprocal support for candidacies in multilateral forums like the United Nations," read the statement.

The meeting reviewed the status of Nepal- Australia bilateral relations as well, while the both sides reaffirmed their commitment to translating the understandings reached between the two sides into tangible outcomes for the mutual benefit of both countries.

They reviewed bilateral cooperation and development assistance, focusing on priorities such as high-level political engagement, climate resilience, green economy, water resource management, agricultural research, and the alignment of Australia's Development Partnership Plan in line with Nepal's national priorities. 

The meeting was co-chaired by Amrit Bahadur Rai, Foreign Secretary of Nepal and Sarah Storey, First Assistant Secretary of the South and Central Asia Division at the Department of Foreign Affairs and Trade (DFAT) of Australia. The delegations of Nepal and Australia included several officials from various ministries and departments and diplomatic mission.

Earlier, on Thursday, the first meeting of Joint Nepal-Australia Trade and Investment Committee under the Nepal Australia Trade and Investment Framework Arrangement (TIFA) was held in Kathmandu. 

The Bilateral Consultation Mechanism between Nepal and Australia was established in July 2017. The first and second meeting of the Mechanism were held in Kathmandu and Canberra in 2018 and 2022, respectively.

Meanwhile, the Embassy of Australia in Kathmandu informed that Storey concluded a three-day visit to Nepal, reaffirming the strong and enduring partnership between the two countries and identifying new opportunities for cooperation across trade, investment, education, climate action, and sustainable development.

She met Foreign Minister, Shisir Khanal, and Finance Minister, Dr. Swarnim Wagle.

She also engaged with students, academics, youth leaders, and foreign policy practitioners at Tribhuvan University, where she led a discussion on the future of Australia-Nepal relations, said the Embass in a statement.

“Our shared commitment to democratic principles and the rules-based order is a key pillar of our relationship and provides a strong foundation for working together to advance our shared interests,” Ms Storey said.

Likewise, the MOFA informed that is closely monitoring the recent development in the West Asia region.

"The current conflict appears to have re-emerged following the failure to uphold the ceasefire agreement. Should the conflict continue, it could have far-reaching consequences. For Nepal, these may include security challenges for Nepali nationals residing in the region, adverse impacts on employment opportunities, and disruptions to fuel supplies, construction, tourism and other sectors at home," Spokesperson of the Ministry Lok Bahadur Paudel Chhetri said in a press meet organised at the MoFA on Friday

According to him, Nepal supports ongoing efforts to establish lasting peace in the region and to ensure the uninterrupted use of the Strait of Hormuz shipping route.

According to the information received from the Nepali missions abroad, Nepali nationals in the region remain safe, and there have been no reports of any Nepali citizens being affected by the conflict.

The MoFA has requested Nepali citizens in the region who encounter any difficulties to contact the nearest Nepali diplomatic mission immediately or report their concerns through the MoFA-Mitra App, operated by the Department of Consular Services.

Meanwhile, 49 Nepali nationals are detained in prisons in Cambodia. They have fallen victim to online scam centres being operated there. Such centres are operating in the border areas of Cambodia, Myanmar, Laos and Thailand. The Embassy of Nepal in Bangkok has already initiated coordination to provide the necessary legal assistance and other support to them.

To date, a total of 860 Nepali nationals have been rescued from these scam centres, comprising 733 from Cambodia, 113 from Myanmar, eight from Laos and six from Thailand.

The Foreign Ministry has urged family members and relatives of the victims to file complaints with the Nepal Police and other relevant authorities against individuals involved in the illegal recruitment and trafficking of Nepalis to scam centres, providing accurate details of such activities.

"Families and relatives are requested to encourage Nepali nationals currently in these areas, particularly those who are unwilling to return, to come back to Nepal at the earliest through telephone calls, social media or any other appropriate means of communication. The Embassy of Nepal has also urged those whose fines have been waived to return to Nepal without delay," said Chhetri.

According to him, information has been received that some individuals are falsely promising to secure the 

Published in The Rising Nepal daily on 25 July 2026.         

Nabil Bank wins three Euromoney Awards

Kathmandu, July 24

Nabil Bank has been recognised with three honours at the Euromoney Awards for Excellence, winning the titles of Nepal's Best Bank, Nepal's Best Bank for ESG, and Nepal's Best Bank for SMEs.

According to the bank, the awards recognise its strong financial performance, digital transformation, responsible banking practices and commitment to environmental, social and governance (ESG) priorities, as well as its significant contribution to supporting Nepal's small and medium-sized enterprises (SMEs).

Nabil Bank Chief Executive Officer Manoj Kumar Gyawali said the bank was honoured to receive the prestigious awards.

"The recognition as Nepal's Best Bank for ESG and Nepal's Best Bank for SMEs reflects the trust our customers, employees, shareholders and partners have placed in Nabil Bank. These awards further reinforce our commitment to innovation, sustainability and inclusive economic growth," he said.

The bank said that the Euromoney Awards for Excellence are widely regarded as among the banking industry's most prestigious accolades, recognising institutions that have demonstrated outstanding performance, leadership and innovation in their respective markets.

According to the bank, the Nepal's Best Bank award acknowledges Nabil Bank's strong financial position, customer-focused innovation, leadership in digital transformation and overall excellence in banking.

The Nepal's Best Bank for ESG award recognises the bank's leadership in sustainable finance, responsible banking practices, green financing, financial inclusion and corporate social responsibility.

Meanwhile, the Nepal's Best Bank for SMEs award highlights the bank's contribution to promoting entrepreneurship, supporting business expansion and strengthening economic activity through tailored financial services, specialised lending programmes and advisory services for small and medium-sized enterprises.

Nabil Bank serves more than 2.6 million customers through a nationwide network of 264 branches and 315 automated teller machines (ATMs).

Published in The Rising Nepal daily on 25 July 2026.         

Suraj Vaidya elected Dean of Honorary Consular Corps

 Kathmandu, July 24

Suraj Vaidya, Chairman of the Vaidya Organisation of Industries and Trading Houses, has been unanimously elected Dean of the Honorary Consular Corps Nepal (HCCN), the association representing honorary consuls in Nepal.

The 19th Annual General Meeting and Charter Day of the association held in Kathmandu on Thursday unanimously elected him to the post.

Vaidya, a former President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), serves as the Honorary Consul of the Philippines in Nepal.

The newly elected Dean said that attracting foreign direct investment (FDI) to Nepal and promoting tourism and strengthening economic diplomacy would be the key priorities during his tenure.

He succeeds Bhola Thapa, Nepal's Honorary Consul for Bulgaria, as Dean. The General Assembly also elected Pasang Dawa Sherpa as Vice Dean of HCCN.

In a press statement issued on Thursday after assuming office, Vaidya said he would work proactively to strengthen Nepal's ties with the international community and expand economic cooperation. He noted that HCCN currently represents more than 64 countries, whose contributions to the global economy, international trade, technology, innovation, tourism and investment are significant.

He said that deepening Nepal's engagement with these countries, which together have a combined population of more than five billion and an economic output exceeding US$100 trillion, presents an important opportunity for the country's economic development.

Vaidya has decades of experience in Nepal's industrial sector. The Vaidya Organisation, a business house with a history spanning more than six decades, has long served as the authorised distributor of Toyota vehicles in Nepal. In recent years, the group has also expanded its investments beyond the automotive sector into cement and hospitality.

 

FM Khanal calls on Honorary Consuls to support economic diplomacy

Speaking at the HCCN event, Foreign Minister Shisir Khanal urged honorary consuls to play a more active and results-oriented role in promoting trade, investment, tourism and technology transfer, as Nepal places economic diplomacy at the heart of its foreign policy.

He stressed that honorary consuls should make a stronger contribution to expanding Nepal's economic partnerships with countries around the world.

According to him, honorary consuls have served as an important bridge between Nepal and countries that do not maintain resident diplomatic missions in Kathmandu, making valuable contributions to strengthening people-to-people ties as well as commercial, cultural and institutional relations.

Khanal said the Ministry of Foreign Affairs remains committed to providing the necessary support to enable honorary consuls to carry out their responsibilities more effectively.

"The Ministry will review the existing regulations, facilities and operating procedures governing honorary consuls in line with changing needs, and introduce reforms consistent with national and international legal frameworks and established practices," he said.

He said the government's key international priorities include expanding strategic partnerships, attracting foreign direct investment (FDI), improving market access, promoting technology partnerships, boosting tourism and advancing sustainable development.

"Honorary consuls are indispensable partners in achieving these objectives. Through your professional networks, knowledge of local markets and close engagement with both the public and private sectors, you can make a significant contribution to promoting trade, investment, tourism, education and cultural exchange," Khanal said.

PM commits to fix organic certification of agro products

Kathmandu, July 23

Prime Minister Balendra Shah has instructed the concerned government authorities to establish a system within Nepal for the certification of organic agricultural products.

In a meeting with the office-bearers of the Organic Association Nepal, the umbrella organisation representing organic agriculture entrepreneurs, at the Prime Minister's Office on Thursday, he responded to their demands including organic certification and subsidy for it.

During the meeting, the association's representatives pointed out that obtaining international certification for organic products is extremely costly, and urged the government to establish, under its oversight, an internationally recognised certification agency in Nepal.

They also noted that the government's subsidy covering up to 75 per cent of the cost of international organic certification had been discontinued, despite the high cost of the certification process.

"They requested that the subsidy be reinstated. Prime Minister Shah expressed support for continuing the subsidy until an internationally recognised certification agency meeting global standards is established in Nepal," read a statement from the Prime Minister's Secretariat.

He also said the government would take the necessary measures to promote organic agriculture while controlling the indiscriminate use of chemical fertilisers and pesticides.

Responding to the request of the entrepreneurs that the government provide subsidies for the production of organic fertilisers, PM Shah instructed the relevant authorities to introduce support grants for private industries and cooperatives engaged in producing organic fertilisers.

He also expressed support for extending to organic fertilisers the same facilities and incentives currently available for chemical fertilisers, whether for their production or purchase, read the statement.

The Prime Minister further noted that export subsidies for organic products had been suspended for the past two years. He said the relevant ministry was preparing the necessary operational procedures to resolve the issue through appropriate legal measures.

The meeting was attended by association's President Deepak Baskota, General Secretary Shanta Baskota Koirala, other association members, Gorkha Tea Estate Chairman Udaya Chapagain, Himalayan Shangrila Tea Factory Chairman Kamal Mainali, and Annapurna Organic Agro Industry Chairman Parshuram Acharya.

Following the meeting, Baskota said that since the discussions were held in positive manner and PM Shah was sincere, the entrepreneurs were hopeful of positive measures in the days to come. 

Published in The Rising Nepal daily on 24 July 2026.         

Money changers, banks can exchange Indian currency now

Kathmandu, July 23

The Nepal Rastra Bank (NRB) informed on Thursday that Nepali and Indian nationals can bring the Indian currency notes of 200 and 500 denominations issued and circulated from 9 November 2016 into Nepal, take out of Nepal and exchange here.

However, this facility is for up to a maximum of INR 25,000 per person.

Earlier, the NRB had said in January this year that Nepali and Indian nationals can bring in or take out Indian currency notes of 200 and 500 from Nepal.

But the notice then was silent about the exchange provisions. Now, people bearing the said currency notes up to INR 25,000 can be exchanged from the local money changers, commercial banks and the banks can get their collections exchanged from the central bank.

NRB Spokesperson Guru Prasad Poudel said that the Reserve Bank of India (RBI) will accept the Indian currency from the NRB. It has cleared the confusion prevailing about the exchange of Indian rupee in Nepal.

The NRB also reiterated that Nepali citizens are not permitted to carry Indian currency to countries other than India, nor may they bring Indian currency into Nepal from any country other than India.

Furthermore, as published in the Nepal Gazette on 13 January 2026, no person may transact in Indian currency notes of 500 and 1,000 that were in circulation before 9 November 2016.

Likewise, the NRB said that Nepali and foreign nationals may bring into Nepal foreign currency in cash equivalent to up to USD 5,000 without making a customs declaration. In case of Indian currency, the same limit applies up to the equivalent of USD 5,000.

Likewise, for foreign currencies whose exchange rates are not published by the central bank, cash may also be brought in up to the equivalent of USD 5,000 without declaration. "Any amount exceeding this limit must be declared to the customs authorities and duly certified," the NRB said in the statement.

Published in The Rising Nepal daily on 24 July 2026.