Glencore holding 25,000t of zinc stocks after Zhairem ramp-up
Over the past five years, Glencore’s zinc production has shrunk, following sales of its shares of zinc projects in Bolivia and Peru.
Karnataka Mines and Geology Director H R Srinivasa announced Wednesday the government would permit A-Category lease holders of eight iron mines to resume work in August, after they secure clearances from the Indian Bureau of Mines (IBM).
The decision, reports, will mean the end of a two-year ban on iron ore mining in the southern Indian province of Karnataka, imposed in wake of widespread illegal mining, reports The Economic Times.
Mine owners and their 150,000 now-jobless employees aren’t the only forces applying pressure to revoke the ban. Lawmakers are reeling at the loss in state revenue as a consequence of the ban – roughly 40 billion rupees ($720 million).
“The situation is extremely fluid as far as iron ore situation in Karnataka is concerned. Karnataka should be allowed to export iron ore like the rest of India,” said Basant Poddar, managing director with Mineral Enterprises, in a report by LiveMint.
