Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The Indian state of Goa is looking to technology as a way to prevent the illegal transport of iron ore.
The Times of India reports that the Goa government is examining the possibility of installing radio frequency identification (RFID) tags on mining trucks to track the vehicle’s movement carrying iron ore, as a part of the measures to curb transportation of illegal iron ore in the state:
Chief minister Digambar Kamat told media on Monday that the RFID has been considered as one of the measures that could be implemented to monitor movement of the trucks. “There are a lot of suggestions that have come forward which we are trying to implement,” he said responding to a question on curbing illegal iron ore trade in the state.
RFID tags use radio waves to transfer data from an electronic tag used for the purpose of identifying and tracking an object.
Times of India says 54 million metric tonnes of iron ore were tapped during the last financial year from 90 operating mines in Goa.
The suggestion to use RFID tags comes as neighbouring state Karnataka is embroiled in a major mining scandal involving the illegal export of iron ore.
Two powerful Indian mining magnates were arrested earlier this month over allegations they created an illegal business empire worth billions. The men face charges of conspiracy, forgery and violation of mining laws, The Guardian reported.
In July the head of the BJP government in Karnataka state, BS Yeddyurappa, was forced to resign after he was accused of being at the centre of a $3.6 billion mining fraud involving the illegal export of iron ore. Karnataka banned export shipments of iron ore in 2009 as a measure against illegal mining and the need to preserve the raw material for local steelmakers
Sify reports rampant extraction of iron ore for export was steadily eating away India’s national wealth, retired Supreme Court judge M.B. Shah, who heads a commission probing illegal mining in several states.
