Goa Khabar: The Mining Engineers Association of India (MEAI) Goa- Chapter urged central govt. to review and completely withdraw 50% Export duty imposed on low grade Iron Ore (Below 58%).The associationclaimed that the imposition of export duty will have far-reaching ramifications not only on the iron ore mining industry in Goa, but also it will impact all the Iron ore mining operations across the country producing low grade iron ore. MEAI-Goa Chapter mentioned that Iron ore industry is already hit by several factors including 4 years long mining stoppage in the state of Goa leading to destruction of over 3 Lakh livelihoods.<\/strong><\/p>\n <\/p>\n This export duty structure by the central govt. will further worsen the situation by forcing many low\u00a0grades\u00a0Iron ore and merchant pig Iron producers to shut down their operations due to economic unviability of the operations, leading to job losses of the mining professionals and workforces engaged in such operations. MEAI- Goa Chapter\u00a0expressed concern over huge stock piling of low-grade iron ore across all the mining operations in the country which is non saleable domestically and won\u2019t be economically feasible for exports due to 50 % export duty.<\/p>\n The association also highlighted that imposition of export duty to the tune of 50% has made iron ore export unviable and is as good as export ban. This has already led to significant drop in iron ore prices across the country and has also reduced revenues accruing to State Govts in the form of auction premium, royalty, DMF and NMET.\u00a0Lower collection of these\u00a0funds\u00a0and levies will adversely impact the\u00a0state revenues\u00a0and socio-economic development activities in the peripheral areas of the Iron Ore mines.<\/p>\n <\/p>\n Mr. Joseph Coelho,\u00a0Chairman- MEAI, Goa Chapter\u00a0Said\u00a0\u201cFirst and Foremost we laud few\u00a0landmark decisions taken by the government to curb inflation, including the withdrawal\u00a0of import duty on coal.\u00a0However,\u00a0we believe that imposition of export duty on Iron Ore especially low grade (below 58% Fe) will not lead to any steel price reduction in the country\u00a0since low grade iron Ore is not feasible for utilization in our country\u2019s domestic steel operations\u00a0unlike\u00a0other\u00a0steel\u00a0 <\/p>\n He also added that \u201cMost of the\u00a0integrated steel companies\u00a0across the country\u00a0meet their\u00a0iron ore\u00a0requirement from their captive mines and they also sell\/export\u00a0low-grade\u00a0iron\u00a0ore <\/p>\n Currently, a non-moving stock of close to 121 million\u00a0tonnesof mainly low-grade iron ore is lying at mine-heads and in dumps in the country. In iron ore mining, lumps are generated to the tune of only 25-30%, and the balance of iron ore is in the form of fines.\u00a0The fines below 58% Fe\u00a0are\u00a0non-saleable domestically and need to be stockpiled which occupies huge space in mines\u00a0and\u00a0may become\u00a0an environmental hazard, while\u00a0limiting the\u00a0scope of scientific mining.<\/p>\n","protected":false},"excerpt":{"rendered":" –\u00a0The Association stressed that, imposition of Export duty on Low grade Iron Ore may lead to unemployment among mining professionals due to closure of mining operations producing low grade (below 58% Fe) Iron ore. –\u00a0The association also raises the concern over piling up of domestically non- saleable Iron Ore\u00a0inventory\u00a0and surplus merchant pig Iron […]<\/p>\n","protected":false},"author":25169,"featured_media":87456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3741,155],"tags":[30,3794,38,109],"class_list":["post-87455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-155","tag-business","tag-featured","tag-goa","tag-mining"],"read":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.goakhabar.com\/index.php?rest_route=\/wp\/v2\/posts\/87455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.goakhabar.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.goakhabar.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.goakhabar.com\/index.php?rest_route=\/wp\/v2\/users\/25169"}],"replies":[{"embeddable":true,"href":"https:\/\/www.goakhabar.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=87455"}],"version-history":[{"count":0,"href":"https:\/\/www.goakhabar.com\/index.php?rest_route=\/wp\/v2\/posts\/87455\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.goakhabar.com\/index.php?rest_route=\/wp\/v2\/media\/87456"}],"wp:attachment":[{"href":"https:\/\/www.goakhabar.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=87455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.goakhabar.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=87455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.goakhabar.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=87455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/goakhabar-com.preview.jikut.com\/wp-content\/uploads\/2022\/07\/z-cinemas-29.07.jpg\")
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