The Steel Ministry and the mining industry have finally found a common ground in opposing state-run mineral trading giant MMTC

R. Anthony Hodge

With the offtake of iron ore produced from its mines dipping by nearly 38 per cent during the past two months sending jitters through the steel ministry, state-run National Mineral Development Corporation (NMDC) is set to ask its buyers to lift at least 90 per cent of their contracted ore agreed under their Long Term Agreements (LTAs), failing which the navratna company may review their LTAs.

CENTRAL Mine Planning and Design Institute (CMPDIL) plans to join hands with Mineral Exploration Corp (MECL) to fast-track the process of coal exploration in the country. The tie-up will help CMPDIL to involve MECL in undertaking its drilling works without inviting tenders.

The Goa Mineral Ore Exporters Association on Sunday welcomed the Central governments decision to reduce the export duty on iron ores.

According to reports, the Centre on Sunday announced Rs 20,000 crore additional non-plan expenditure as part of the package to stimulate the economy. Reports said, this also included reduction in export duty of mineral ores.

BANGALORE: The Karnataka government has announced a new mineral policy (2008) to mobilise funds from the Bellary mining lobby for the Legislative Assembly byelections and the next Lok Sabha elections, alleged Leader of the Opposition in the Legislative Council V.S. Ugrappa here on Friday.

The State Cabinet has on Thursday approved the new mining policy, which among other things seeks to impose a ban on export of minerals, especially iron ore, from the fresh mining leases in the State. However, the new rules does not apply to those who have already secured mining leases.

National Mineral Development Corporation (NMDC), the country's largest producer and exporter of iron ore, has reduced ore prices by 25 per cent, with effect from December 1. A decision to this effect was taken by the public sector undertaking's board at its meeting held on Thursday.

BANGALORE: With illegal mining and the money earned from it becoming a major political issue in Karnataka, the State Cabinet on Thursday approved a new Karnataka State Mineral Policy, 2008, to promote transparency in granting mining concessions and maximising value addition to the minerals extracted, apart from encouraging investment in downstream industries.