Economic Times : Mining companies should look for opportunities overseas

Industry News 2010-05-19 06:47:40


Source: Economic Times / IANS

May 19, 2010

NEW DELHI: India’s steel minister Virbhadra Singh has asked mining companies to look for opportunities overseas. Addressing a press conference on “Challenges for the Indian Steel Industry in Infrastructure and Resources, he asked enterprises to aggressively acquire mining assets. “It is time for India steel and mining companies, whether in the public or private sector, to look for opportunities overseas more seriously".

At the same time the government has taken policy measures to “discourage   avoidable exports of iron ore and consequently raise domestic availability by increasing export duty on lump ores to 15 percent and having a 5 percent duty on fines. Although this will have a marginal impact on exports,  "the government would have to look at the question differently by bringing in definitive deterrence," Singh said.

"If needed, we will resort to taxation measures and quantitative restrictions to conserve the use of iron ore for today and for the future, but such measures can be brought in a phased manner with a clear long-term plan."



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