Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
Today, PK Mukherjee, MD of Sesa Goa, noted that the company expects the State of Goa to lift a number of iron ore mining restrictions by the end of November 2012.
In early October 2012, the Supreme Court decided to ban all mining activity in the State of Goa along with the transportation of the steel-making ingredient.
In addition, the court also requested a report on illegal mining in Goa.
“We will definitely have some positive news by November end whether it is from the state government or the MoEF (ministry of environment and forests) or the Supreme Court’s direction,” said Mukherjee.
Mukherjee added that the company expects 63-grade iron ore prices to rebound to between USD 110-120 per metric in the coming fiscal year.
Source (English): Business Standard via BrightWire News.
