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LiveMint reports that an Indian government panel has recommended a 50% increase in royalty fees for iron ore miners.
LiveMint reports that an Indian government panel has recommended a 50% increase in royalty fees for iron ore miners.
As quoted in the market news:
NMDC Ltd. and Sesa Goa Ltd., and steelmakers with their own mines such as Tata Steel Ltd. and Steel Authority of India Ltd. (SAIL), may have to pay 15% of sales to provincial governments, compared with 10% now, the people said, asking not to be identified as the matter is confidential.
The biggest victims will be the steelmakers, which will find it difficult to pass on the burden because of a highly competitive market, said Abhisar Jain, an analyst at Centrum Broking Pvt. Ltd. in Mumbai. This isn’t a good environment to increase levies.
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