Wednesday 18 September 2019

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Economy | Mining

Mines Ministry asks Fin ministry to scrap export duty on Goa ore

 

The union mines ministry has sent a proposal to the union finance ministry to scrap the remaining 10% export duty on low-grade iron ore of Goa.

Reuters, an international news agency, has flashed the news (click to read) quoting mines secretary Balvinder Kumar.

According to the news report, the proposal has been forwarded to the union finance ministry almost two weeks ago.

The report states that the news agency could not get comments in this regard from the finance ministry.

Goa’s low-grade iron ore with Fe content between 55 to 58% is primarily exported to China and Japan.

The central government had earlier reduced the export duty on iron ore below Fe content to 10% while maintaining 30% for high quality ore.

The miners from Goa however have been demanding to scrap the export duty totally for all kind of grades of iron ore.

The prime reason cited for the repeated pleas made up to the prime minister level is the historic low in the international prices of iron ore.

According to the Mineral Ore Exporters’ Association, the iron ore with Fe content of 56% has slipped down from one-time USD 119 to USD 21.

Export of low grade iron ore from Goa fetches revenue of around $750 million per year (over Rs 5,000 crore) from export of the ore, which would be otherwise wasted, feels GMOEA.

The miners looted the state with illegal mining during the boom period resulting into the Supreme Court banning mining in Goa for two years since 2012.

However, the mining lease holders have still not been able to start mining till date, even after the ban was lifted a year ago, due to the crash of ore prices in the international market. 





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Whatever it may be our government.is very very late in taking decisions,and not thinking about mining workers,so many people are sitt in their house without job,

 
Ishwar parit , Jamkhandi

Economy

 

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