Wednesday, November 24,
Two Indian iron ore miners said on Tuesday they will challenge a ban on iron ore exports issued by Karnataka in the Supreme Court, a move that would instill hopes of a revival in flagging exports of the resource from the world’s third largest supplier.
“We may file the application in a week or so,” said Vishwas Lad, managing partner of VS Lad & Sons that has three iron ore mines in Karnataka with an annual output of 5 million tonnes.
Iron ore miners in the key state, which accounts for around a quarter of India’s exports of over 100 million tonnes of the steel-making ingredient, lost a case at the Karnataka High Court that upheld the government’s ban on exports last week.
Exports during the April-September period was down at 40.26 million tonnes from 43.96 million tonnes a year earlier, data from the Federation of Indian Mineral Industries (FIMI) showed.
“Yes we are going to the Supreme Court,” said another mid-sized mine owner based in Karnataka that has a large exporting operation.
“We are going individually,” he said when asked if several miners, who challenged the government order at the Karnataka High Court, will file the application together.
Source: Moneycontrol
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