The Supreme Court has rejected Vedanta’s plea for allowing iron ore export from Karnataka in the hearing held today (i.e. On 01 Sept’16) .
SteelMint had earlier reported that Vedanta Moved to HC for Allowing Iron Ore Export from Karnataka.
The first hearing of the case was held on 12 Jul’16 in which the next hearing was scheduled for the next week. SteelMint had earlier reported that Vedanta Moves to HC for Allowing Iron Ore Export from Karnataka.
As per reports, the Apex Court ruled that it “doesn’t find any reason to allow export iron ore for now.”
According to Vedanta, the iron ore put up for sale through e-auction was not being purchased by steel companies. This happened even though the base sale price fixed by the company was in line with the average price realized by the Monitoring Committee for the corresponding grades during the sale of 25 MnT tonne of existing stock of iron ore. Owing to this Vedanta urged the state government and the monitoring committee for permission to export the iron ore.
The Supreme Court banned iron ore mining in Karnataka in Jul’11 following allegations of illegal mining. Subsequently, the court ordered resumption in mining activities in Karnataka on Apr’13 with a cap on production of 30 MnT pa besides ban in exports.
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