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In 2017, El Salvador became the first country in the world to ban forms of metals mining.
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According to South Goa Truck Owners' Association President Prakash Raut Desai, the closure of mining leases in the state will hit the country's and Goa's economy.
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BJP Goa unit chief Vinay Tendulkar and Union AYUSH minister Shripad Naik said that Union minister Nitin Gadkari, who will be on a two-day visit to Goa from on Monday, would try to find a solution to the problem.
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The Supreme Court had in April lifted the mining ban in Goa but imposed an annual cap of 20 million tonnes on the industry.
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The coastal state's economy has suffered since mining ban was imposed on it by the Supreme Court. The state's chief minister says the ban has caused the state to lose 25 percent of its revenue.
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Financial Technologies | MCX India | Petronet LNG | Pioneer Distilleries | Jet Airways | Ranbaxy Labs | JSPL | ITC and Hexaware Technologies are stocks, which are in the news today.
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The mining industry gave its thumbs up to the intent, but also felt that it should have been done earlier. PK Mukherjee, CEO of Sesa Goa says that mined out ores have been piling up and it must be allowed to be sold, transported or exported.
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The mining industry in Goa wants the Supreme Court (SC) to clarify regarding the ban on mining activity. The state has been battling with economic woes as the sector contributes almost 35 percent of Goa‘s gross domestic product (GDP).
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Iron ore miner Sesa Goa's fourth quarter performance will almost be a non event as its operations in Karnataka and Goa remained shut due to the ongoing mining ban.
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In an interview with CNBC-TV18, PK Mukherjee, managing director, Sesa Goa said that his company is eagerly waiting for the SC order and is also hopeful of starting operations soon
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At the backdrop of the worst year for the heavy commercial vehicle (HCV) segment in the recent past companies from Tata Motors to Ashok Leyland have had to cut operating capacity and in some cases bring down the number of working days in a week as well.
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The Supreme Court may soon allow Sesa Goa‘s 6-million-tonne Narrain mine in Chitradurga to resume operations.
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Vedanta group firm Sesa Goa is likely to miss the production target of about 15 million tonnes for the current fiscal due to mining ban in Goa, a senior company official said today.
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Technical analyst Sudarshan Sukhani of s2analytics.com explains to CNBC-TV18 that Manappuram General Finance has been performing well on the charts. Meanwhile, BSE and NSE member Dipan Mehta reveals that investors should avoid knee-jerk responses whenever a company with sound performance and fundamentals is embroiled in a controversy or scam.
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Karnataka's chief minister Sadanand Gowda today said that the state has suffered a loss of Rs 4000 crore of revenue due to the mining ban.
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Sandeep Jajodia, executive vice chairman and managing director of Monnet Ispat joins CNBC-TV18 to highlight the quarterly performance of the company. He says that though volumes have been good this quarter, margins have been affected due to high cost of raw material such as coal and iron-ore.
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Expecting the states of Goa, Orissa and Jharkhand treading towards a mining ban like in Karnataka, RK Goyal, manging director of Kalyani Steel says it is the impact of this 'artificial scarcity' due to the mining ban, which is making it tough for the entire steel industry in the country.
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India-focused miner Vedanta posted a 61% drop in saleable iron ore output in its second quarter, hit by a ban on mining in Karnataka, though sales fell by a smaller amount due to high volumes sold before the curb.
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Due to the mining ban in Karnataka, Sesa Goa is expected to lose production of 4-5 million tonne this fiscal year, says PK Mukherjee, managing director of the compnay.
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Nirupender Rao, chairman of Pennar Industries Limited which sources steel from JSW talks to CNBC-TV18 of the difficulties and the way ahead for the company.
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Bhavesh Chauhan, metal analyst at Angel Broking and Ankit Miglani, deputy managing director of Uttam Galva, in an interview to CNBC-TV18, share their views on how the metal sector is going to perform going forward.
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Speaking to CNBC-TV18, Santosh Hegde, former Lokayukta of Karnataka reveals that the total loss incurred though illegal activity in the region is close to Rs 16000 crore.
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SP Tulsian of tulsian.com says that the upmove that the metal sector has seen at the markets over the week is not really a sign of revival. Speaking to CNBC-TV18, he says that pains are not yet over for the industry.
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The Supreme Court has suspended mining activities in Tumkur and Chitradurga districts of Karnataka. What will be the impact on companies like JSW Steels, Sesa Goa? CNBC-TV18’s Nigel D'souza reports.
