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Iron Ore January 20, 2015 07:11:06 AM

Iron ore mining hopes to be resumed soon enough

Paul Ploumis
ScrapMonster Author
The state government of Goa, has finally removed the two year ban on the state’s iron ore mining, and it is expected that, the mines will once again starts its production by the month of March or April.
Iron ore mining hopes to be resumed soon  enough

NEW DELHI(Scrap Monster):  India, once used to be the third largest iron ore exporter in the world, and Goa used to be the largest iron ore exporting unit of the country. The coming back of the iron ore export units in Goa, could also pressure the global price of the commodity to around five and a half years low due to the oversupply.

Acharya stated that, it is now up to the mining companies to get the approval and obtain environmental clearance from New Delhi. He added that, the possibility is that, the mines will be active in a few months, as the government had acted fast in renewing the mining leases. In the least, the mining operation will start by March or by April, or else in the month of October, as June – Spetember would be monsoon season. The state used to export about 50 million tonnes of iron ore per year, before the court had imposed mining ban in the year 2012, after the report issued by the government on illegal mining.

The mining ban in Goa, and also other impositions in different iron ore producing states like Karnataka, and also Odisha, have made the country a major importer of the commodity.

The imports in India, had hiked to 8 million tonnes in the year 2014, which is very much higher that, the 3.1 million tonnes in the year 2012, stated Ore Team, a commodity consultancy, which is located near New Delhi.

The decline in the iron ore exports had worried the Central government, now lead by Prime Minister Narendra Modi, therefore on Monday he had issued an executive order in order to revitalize the mining industry of the country, by renewing the old leases and also auctioning out the new leases, and also removing the traditional method of selective allocation. 

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