A hearing was conducted at Supreme Court today, i.e. 9 Feb’18 related to the Odisha illegal mining. According to market sources report to SteelMint, the miner mentioned regarding submission of penalty as well as interest amount.
As per sources, Honorable Justice indicated that with payments of penalty along with interest been made, the miner should be allowed to resume operations. The miner has requested them to give a direction to state govt. regarding the same. However the miner still awaits a clear direction from the state govt regarding resumption of operations.
Market participants are hopeful that there are high chances that miner will resume operations, provided state govt. gives them a consent to resume operations.
Next hearing for the case related to Essel Mining is scheduled on 13 Feb’18 in SC. In case of Essel Mining the Apex Court granted few days for verification of EC and FC clearances.
Serajuddin Mines is Odisha’s 2nd largest merchant miner with EC limit of 15.15 MnT pa with annual production of around 10 MnT. The miner has dispatched 9.56 MnT in CY’17 and remained a major source of iron ore to steel firms like JSW Steel, Essar Steel, Bhushan Steel along with other sponge and steel units.
JSW was the largest buyer of iron ore from Serrajuddin in CY’17 at 1.84 MnT contributing 19% of total share of iron ore dispatches by Serajuddin Mines. Other major buyers were – Bhushan Steel 1.59 MnT (17% share), Essar Steel 1.23 MnT (13% share), and Rashmi Metaliks 0.85 MnT (9% share).
Earlier, on 02 Aug’17 the Supreme Court of India issued a judgment on illegal iron ore mining case in the state of Odisha. In a common cause notice issued to Odisha based merchant miners; they were alleged of excess production beyond the granted EC (Environmental Clearance) limits. In its order, the Supreme Court (SC) called for the recovery of 100% compensation in lieu of the excess ore lifted to be submitted 31 Dec’17.
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