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Goa, India’s smallest state, has removed a two-year ban on iron ore mining with an expectation mines could be back up and running by March or April. The added resource could help squeeze already low iron prices.
Goa, India’s smallest state, has removed a two-year ban on iron ore mining with an expectation mines could be back up and running by March or April. The added resource could help squeeze already low iron prices.
According to Reuters:
India was once the world’s third largest iron ore exporter and Goa its biggest exporting state. The return of Goa iron ore exports could further pressure global prices hovering around 5-1/2 year lows due to oversupply.
Prasanna Acharya, Goa’s director of mines and geology, told Reuters:
It’s possible that the mines will be active in a couple of months as we have acted fast on renewing the leases.
March or April in the best-case scenario or else it could go to October because of the (June-September) monsoon rains.
