Iron ore weakness to continue into 2025 and beyond, says Fitch Solutions’ BMI
Looking beyond 2024-2025, BMI analysts maintained their view that iron ore prices will likely follow a multi-year downtrend.
The government of India’s Odisha state today announced that it plans to explore every possibility of mining bauxite at the Karlapat reserve in the district of Kalahandi.
Odisha Mining Corporation (OMC) CMD Saswat Mishra said, “We have decided to submit a revised application seeking permission of the Centre for undertaking bauxite mining at Karlapat reserve.”
Sources highlighted that the reserve, spanning 31,183 hectares, is estimated to bear some 200 million metric tons of bauxite.
The primary challenge the government is trying to overcome now is mining near a wildlife sanctuary, which is the most salient feature of Karlapat.
While officials have already identified a reserve of bauxite roughly five kilometers from the sanctuary, Supreme Court rules prohibit any mining activities from being conducted within a 10-kilometer radius of any wildlife habitat.
Source: The Hindu Business Line is an international newspaper based in Chennai, India that covers business and financial news.
Source (English): The Hindu Business Line via Brightwire News.
