Goa Iron Ore Leases to be Scrapped As Directed by Supreme Court Panel
December 8, 2012 10:30 PM EST
A panel appointed by the Supreme Court has recommended scrapping 42 iron ore mining leases in Goa until mining companies submit plans to deal with the environmental impact and legal details involved, a lawyer who attended the hearings said.
A temporary mining ban, imposed from early October, has cut local production and crimped exports, opening up new markets for world miners such as Vale (VALE5.SA), Rio Tinto (RIO.AX) (RIO.L) and BHP Billiton (BHP.AX) (BLT.L).
The court imposed a ban in Goa from early October after allegations of illegal mining from a government-appointed committee. It followed a similar ban in neighbouring Karnataka the previous year.
"The Supreme Court committee has directed scrapping 42 mining leases in the region of Goa and said that all things should be in accordance to law," lawyer Sandeep Singh said.
The Centrally Empowered Committee, whose recommendations have been accepted by the Supreme Court so far in Karnataka, has also suggested that the court ask miners to demarcate their lease areas properly.
The court hearing has been adjourned to January 8.
"It will hamper the re-start of mining in Goa soon ... India will become an insignificant player in the international market," H.C. Daga, president of the Federation of Indian Mineral Industries, said.
Before the ban, Goa was India's third-biggest producer of iron ore and its top exporter, producing more than 50 million tonnes annually and exporting almost all of it.
In Karnataka, India's second-biggest producer of iron ore, the top court allowed 18 mines to restart operations in early September, which was expected to add 5 million tonnes of output per year to the National Minerals Development Corporation's (NMDC.NS) 12 million tonnes.
Most Popular Slideshows
- Prince William & Kate Middleton Caught Flirting In A Countryside Dinner Date [PHOTOS]
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
- Prince William & Kate Middleton Boards London Train in Casual Disguise, Royal Couple’s Incognito Plan A Huge Hit [PHOTOS]
- Angelina Jolie & Brad Pitt’s Top Secret Wedding Tramps Jennifer Aniston’s ‘Friends’ Reunion & Pregnancy Talks [PHOTOS]
Join the Conversation
- 5.5-Inch iPhone 6 is iPhone Air on Sept 19 Release Date: 5 Things to Consider Before Buying
- Pricey iPhone 6 on Release Date Likely but with 3X Retina Resolution & Mobile Payment Service – Reports
- Nexus 6 Release Date Update: Moto X+1 Look Leaked, Nexus X or Shamu Moved to Demo Phase
- Google Nexus 8 Confirmed as HTC T1 aka Volantis/Flounder with Freshly-Leaked Specs & Features – Reports
- Europe, US Next on ISIS’ Hit List, Says Saudi King; Seized ISIS Laptop Reveals Terrifying Bio-Warfare Plans
- iPhone 6 On Release Date To Feature Qualcomm MDM9625M LTE, 1GB RAM, Mobile Payment Deal With AMEX, 1334x750 Display
- HTC One M8 for Windows Vs. Nokia Lumia Icon, The Battle Of Windows Phones