According to the updates received, the NMDC Donimalai case has heard by the Karnataka High Court today and it has reserved the Judgement till next hearing for which date was not confirmed till the time of publishing this report.
Today (i.e 26th Feb 2019) court heard the case and the final remarks have been kept by both the parties before Karnataka High court bench.
There have been a series of hearings going on in the court on Jan 10, 23, 28 and Feb 11, 14, 16, and 25 Feb’19 2019.
Iron ore operations are on hold at NMDC’s Donimalai mine, which was renewed lease on 3rd Nov’18 for the next 20 years. But the State Govt. put the additional condition to pay 80% premium on iron ore sale value from Donimalai to the Karnataka state Govt. NMDC was in negotiation with the Govt of Karnataka over its decision to impose an 80% premium on iron ore sales from Donimalai. As the company’s earlier license did not include the premium.
NMDC Donimalai has EC limit of 7 MnT p.a. and produces around 6-6.5 MnT iron ore annually.
Sponge iron market seems to remain strong, as per manufacturers in central & eastern India. Rising raw material prices & active demand are likely to keep Indian sponge iron prices supported, they added.
Department of Mines and Geology (Govt. of Karnataka) has floated the tender for auctioning of 4 iron ore blocks in Karnataka for its 4th phase.
Lonmin Plc plans to cut 4,100 workers at mines that have run out of profitable ore and are being closed.
Zambia has started looking for a new investor in Vedanta-controlled Konkola Copper Mines (KCM), Zambia's President Edgar Lungu said on state radio on Monday.
Canada’s Pure Gold Mining (TSX-V: PGM) has begun trading on the main market of the London Stock Exchange under the ticker PUR, in a move aimed at lifting the company’s international profile ahead of its transition to producer from developer.
The iron ore market is on a surge, the price last week punching up through the $100-per tonne level for the first time in five years.