Mr. Basant Poddar,
Senior Vice President at FIMI said, “The Supreme Court today has allowed 18
mines under category A to start mining anytime soon. Iron ore from these mines
will be sold through e-auction only and that pricing will be decided by the
owner of mines themselves. There is no such scope for profits as of now”.
“The mines in
Karnataka which have been allowed mining are R. Praveen Chandra Mine, MEL
(Bangalore), Sandur Manganese and Iron Ltd, Gadgi Minerals and Mining, Ramgarh
Minerals Mining Ltd, Ravi Siddeshwara Minerals, Zennath Transport, Mysore
Mineral Ltd, Allum Prashant, Shanti Priya Iron and Minerals, KMMI, Vesco,
Nadeem Minerals, D Kumar Gowda and SSN”, he added.
“It will take
around two to three months more for the 17 mines to start operations. Mining
has to be planned out along with clearances such as environment clearances (EC)
and others. Also, the supply will fall short looking at demand, even this is
not going to meet the market requirement and the floor price of iron ore is
high.
Therefore, market
will take some time to absorb things and show results which will not be
immediate. It has been a year’s time that the state has not been allowed to
mine iron ore”, said Mr D Vaman Rao, Sr GM, Raw Materials at Hospet Steels.
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