Indian Supreme Court to Hear Sarda Mines’ Plea to Resume Operations at Thakurani Iron Mine

The Economic Times reported that the Supreme Court of India will hear plea from Sarda Mines to be allowed to resume operations at its Thakurani iron ore mine. The mine is critical for Jindal Steel and Power (NSE:JINDALSTEL,BOM:532286), its sole consumer for many years.

As quoted in the market news:

Sarda Mine has been non-operational since last April when its environment clearance expired, while the SC heard a petition filed by NGO Common Cause, against alleged illegal mining by firms in Odisha. It is now seeking the court’s permission to reopen having since received environment clearance.

Arjun Saraswat, director and nominated owner of the Thakurani mine, told ET that it had received an environmental clearance for annual output of 4 million tonnes (MT) in January as against an inprincipal clearance of 15 million tonnes.

On May 16 last year, the Supreme Court had ordered temporary closure of all iron-ore mines in the state that did not have required permits, till it completed hearings in a petition filed by Common Cause. The next hearing of that case is scheduled for April 23.

Click here to read the full Economic Times report.