Saturday, August 20, 2016

Mines Ministry awaits response on plan to scrap duty

Mines Minister is awaiting steel ministry response on a proposal to remove 30 percent export duty on high-grade iron ore, mines minister Piyush Goyal said on Thursday.
 The proposal would pave way for export of surplus high-grade iron ore (with over 58 percent iron content) in odisha and Jharkhand. The two states had approached the mines ministry for the removal to garner revenue by exporting excess iron ore.
According to Federation of tinder Mineral Industries 168 million tones of high-grade iron ore lie idle in the country. However some steel companies are of the view that ore is a natural resource and should not be exported.
The major advantage the Indian steel sector has is of domestic iron ore, so it should be conserved for the industry here, they say. To develop infrastructure, more steel is required and hence, more iron ore, Seshagiri Rao M V S, group chief
Financial Officer and joint Managing director of JSW Steel, had said. Meanwhile, mines ministry on Thursday launched a web portal for star rating of major mineral mines in the country.
The main Objective of this is to bring all mines to a minimum standard of star rating in the shortest possible time to adopt sustainable practices.

The star rating will be based on aspects including scientific and systematic mining to ease environmental impact, addressing social impact of resettlement and rehabilitation, and adoption of international standards for mining operations and reporting .



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