Iron ore price slumps to three-week low on weak China demand, strong global supply
Property investment in China fell 10.1% in the first half of 2024 from a year earlier.
Illegal iron ore mining in the Karnataka region of India led to a 2009 ban on iron ore exported from the region.
A Youtube video shows the environmental degradation caused by reckless mining in the Bellary district of the state, where an estimated 90% of mining is illegal:
“Everywhere there is red dust. On the buildings, lining the roads, even the vegetation.”
The region has 124 operating mines, with 98 located in forest areas.
The video also highlights the problems a total ban would cause for the local population that relies on mining. Says one lorry driver: “People could not live here but it also provided livelihood for people like me. Completely stopping all operations will also cause big problems for us.”
A corruption scandal over illegal mining in Karnataka led to the resignation of the state’s chief minister, BS Yeddyurappa, back in July. Meanwhile, the ban on exports of iron ore from Karnataka, which supplies about a quarter of India’s iron ore, has led to steel shortages in the country. Iron ore is a crucial ingredient in steelmaking.
