JSW Steel to restart mining at Category B mines in few mths

The Supreme Court (SC) on Thursday lifted a one-and-a-half-year old iron ore mining ban in Karnataka. As per the CEC reports, Category B mines will be allowed to restart mining subject to necessary statutory clearances and completion of relief and rehabilitation work is complete.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead Travelcafe
moneycontrol.com

Home » News » Business

Apr 18, 2013, 05.09 PM | Source: CNBC-TV18

JSW Steel to restart mining at Category B mines in few mths

The Supreme Court (SC) on Thursday lifted a one-and-a-half-year old iron ore mining ban in Karnataka. As per the CEC reports, Category B mines will be allowed to restart mining subject to necessary statutory clearances and completion of relief and rehabilitation work is complete.

Like this story, share it with millions of investors on M3

JSW Steel to restart mining at Category B mines in few mths

The Supreme Court (SC) on Thursday lifted a one-and-a-half-year old iron ore mining ban in Karnataka. As per the CEC reports, Category B mines will be allowed to restart mining subject to necessary statutory clearances and completion of relief and rehabilitation work is complete.

Post Your Comments

Share Cancel

The Supreme Court (SC) on Thursday lifted a one-and-a-half-year old iron ore mining ban in Karnataka . As per the CEC reports, Category B mines will be allowed to restart mining subject to necessary statutory clearances and completion of relief and rehabilitation work is complete.

Welcoming the verdict, Vinod Nowal, director & CEO, JSW Steel  said it will take around 1-3 months for the company to start mining at B category mines. "It is a good sign for the industry and iron ore availability will increase by another 6-7 million tonne," he told CNBC-TV18.

Below is the edited transcript of his interview to CNBC-TV18.

Q: With this verdict of opening up of category B mines, how much time will it take to increase iron ore production?

A: Opening up of category B mines is a welcome step. It will take around 1-3 months to start old b category mines. It is a good sign for the industry and iron ore availability will increase by another 6-7 million tonne.

Q: For JSW Steel how will it help in improving the capacity utilisation. What does it stand at currently?

A: So far we were buying low grade material and at the same time importing and buying from other states a higher quote. Now the higher quote material will be replaced with less grade material and this will benefit the industry. 

Q: How much impact would it have on earnings?

A: When we source material form other state we incur a cost of Rs 3,000 as freight against local freight of Rs 500-600. Definitely, there will be benefit.

Q: On an annual basis how much iron ore will the Karnataka state?

A: From B category mine Karnataka will get around 6-7 million tonne on an annual basis.

JSW Steel stock price

On May 06, 2016, JSW Steel closed at Rs 1319.70, down Rs 1.2, or 0.09 percent. The 52-week high of the share was Rs 1379.00 and the 52-week low was Rs 801.00.


The latest book value of the company is Rs 1030.07 per share. At current value, the price-to-book value of the company was 1.28.

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
JSW Steel to restart mining at Category B mines in few mths

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login