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Supreme Court orders suspension of mining in Chitradurga and Tumkur
The Central Empowered Committee (CEC) has found that iron ore miners resorted to
illegal mining activity in Chitradurga and Tumkur districts of Karnataka resulting in
environmental damage and loss of forest cover. As per CEC, the level of illegal mining
and the consequential environmental degradation in these two districts were similar to that
in Bellary district. Thus, based on the CEC’s suggestions, the Supreme Court issued notice
to the Ministry of Environment and Forests and the Karnataka Government to suspend
mining activities in these two districts. Earlier (on July 29, 2011), the Supreme Court had
ordered a blanket ban on mining in Bellary district of Karnataka. The court will hear the
matter again on August 26, 2011. Sesa Goa operates an iron ore mine in Chitradurga
district. Our estimate of production from Chitradurga mine for FY2012 was 5mn tonnes
(21.8% of Sesa’s total production volumes for FY2012). We keep our rating and target
price under review until further update on this matter until August 26, 2011.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Supreme Court orders suspension of mining in Chitradurga and Tumkur
The Central Empowered Committee (CEC) has found that iron ore miners resorted to
illegal mining activity in Chitradurga and Tumkur districts of Karnataka resulting in
environmental damage and loss of forest cover. As per CEC, the level of illegal mining
and the consequential environmental degradation in these two districts were similar to that
in Bellary district. Thus, based on the CEC’s suggestions, the Supreme Court issued notice
to the Ministry of Environment and Forests and the Karnataka Government to suspend
mining activities in these two districts. Earlier (on July 29, 2011), the Supreme Court had
ordered a blanket ban on mining in Bellary district of Karnataka. The court will hear the
matter again on August 26, 2011. Sesa Goa operates an iron ore mine in Chitradurga
district. Our estimate of production from Chitradurga mine for FY2012 was 5mn tonnes
(21.8% of Sesa’s total production volumes for FY2012). We keep our rating and target
price under review until further update on this matter until August 26, 2011.
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