Fimi had earlier said non-extension will disrupt raw material supplies to steel, other industries. Nearly 70% of steel plants don't have captive iron ore resources and have to rely on merchant miners
The federation representing merchant miners in the country claims stocks at mine heads reveal that there is no real shortage of iron ore, a key steelmaking ingredient. In a letter to the finance ministry,
Absence of export duty and relatively low capital requirement make it an attractive option Iron ore miners in Karnataka, facing uncertainty over possibility of exports in the near future, are increasingly looking at new opportunities to earn higher profits. A large number of miners is exploring the possibility of diversifying into manufacturing and export of pellets, because of the absence of any duty on pellet exports. At present, the demand for pellets in India is estimated at 37 million tonnes per annum (mtpa) and is projected to double to 76 mtpa by 2016-17.
Bid to prevent captive mine owners from selling byproducts; make them add value to ore. The Centre has moved to clear any ambiguity that could be misused by captive mine owners to sell iron ore fines in
State-owned trading giant MMTC has inked pacts with Japanese and South Korean steel companies including Posco, to supply 2.8 million tonnes of iron ore annually for a period of three years. "We have signed iron ore supply contracts with five Japanese firms and one South Korean company for a period of three years. The exports are expected to start from July this year,"
New Delhi The government is set to consider a proposal for a complete ban on private-public joint ventures (JVs) for developing mineral blocks allocated to state-run corporations and public sector undertakings
SC nod can lead to production of 6-7 mt from 49 category A, B mines The shortage of iron ore in Karnataka is likely to ease by July, as regular mining is expected to resume in a couple of months from now. The Supreme Court-appointed authorities are preparing reclamation and rehabilitation (R&R) plans, stoking hopes of an end to the stalemate. Once the apex court approves the plans, mining can resume in 49 leases of 50-hectares and above falling under the A and B category mines in the districts of Bellary, Chitradurga and Tumkur.
Bangalore Mining in Karnataka is back on its feet. The Supreme Court has allowed mining to resume in iron ore mines of more than 50 hectares after rehabilitation and reclamation plans (R&R) for these leases are approved by the Central Empowered Committee (CEC). The court accepted the recommendatations of the CEC which refer to restarting mining in two groupings of mines referred to as A and B groups, a classification that the panel had made based on a survey of the extent of irregularities. The two groups together constitute some 100 mines.
In a move that the iron ore mining industry says is a throwback to inspector raj, the commerce and industry ministry has moved a Cabinet note proposing that exports of iron ore with over 55 per cent ferrous
The government has hiked the ad valorem duty on iron ore exports to 30 per cent from 20 per cent. The decision would enrich a cash-strapped government by around Rs 8,500-9,000 crore. While the hike in
NEW DELHI, 2 OCT: Maharatna Coal India today said its profitability would be eroded by about Rs 2,000 crore per annum post-enactment of new mines legislation, which mandates coal miners to share 26 per
