Karnataka is an important state for NMDC as it contributes to nearly 35% of the overall mix for the company
Mining ban hit Sesa Goa is confident to mine 2.29 million tonne of iron ore from its Narrain mine in Karnataka by current financial year end.
The continuation of halt on Goa's mining activity will result in the iron ore industry losing its overseas markets.
Iron ore miner Sesa Goa is confident to start production at its Narrain mine located at Chitradurga in Karnataka by May, following a Supreme Court order issued today, which lifted one and half year long mining ban in the state.
After the recent ban by the Supreme Court on iron ore mining in Bellary, Karnataka, state-owned NMDC today said it has ramped up production to 32,000 tonne per day to meet the shortage that is being faced by the steel industry.
RK Goyal, MD, Kalyani Steel joins CNBC-TV18 to discuss the future of the industry and his company in particular.
G Janardhana Reddy, former minister and mining baron in Karnataka, was arrested on Monday in connection with a mining scandal that may have cost the state USD 3.6 billion in lost revenue, the CBI said.
Steel and allied industries in Karnataka today expressed apprehensions that the industry would come to a standstill if iron ore mining is banned in Tumkur and Chitradurga districts as recommended by the Supreme Court-appointed panel.
With the fear of global slowdown, the metal space has been witnessing a huge amount of volatility and depression for last couple of days. Former director of Tata Sons, JJ Irani sees a downward trend in the steel prices. He believes the steel producers will cut their losses by lowering production to maintain prices.