Hot Chips - SESA GOA
Jayashree / 11 Apr 2011
Sesa Goa (SGL) will be able to recommence exports of iron ore from April 20, 2011 since the Supreme Court has lifted the ban on iron ore exports from Karnataka.
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Sesa Goa (SGL) will be able to recommence exports of iron ore from April 20, 2011 since the Supreme Court has lifted the ban on iron ore exports from Karnataka. The State government had already notified the Karnataka Prevention of Illegal Mining, Transportation and Storage of Minerals Rules, 2010, as per the Supreme Court’s directions and, in the future, the State government would check all unlawful mining through it. During Q2FY11, the company had curbed its iron ore mining in Karnataka following the State government’s ban on iron ore exports, as the company’s iron ore realisations were significantly lower in the domestic market compared to the international market. However, following the Supreme Court’s order, it is expected that SGL will ramp up production from its Karnataka mines. The company looks to be an ideal candidate to find its place in one’s portfolio for a medium-term perspective.
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