The Supreme Court on Monday allowed mining in the top iron ore exporting Goa state with an upper limit of 20 million tonne per year.
The top court also asked the state government to constitute an expert panel and submit a report regarding capping of output and other issues, like dumping, within six months, a three-judge bench headed by justice AK Patnaik said.
The SC order states that the dumping outside mining lease is not permissible. However, it said the state government can decide the manner in which lease can be granted.
The Supreme Court had banned mining in all 90 mines in Goa from October 2012, due to investigations into alleged illegal mining operations. The total production coming out of Goa, before the ban came into existence, was around 45 million tonne (MT).
The order is significant for Sesa Sterlite , which is the largest private sector iron ore producer in India. Its iron ore business, earlier known as Sesa Goa, is based in Goa. Sesa Sterlite shares jumped 6.5 per cent to Rs 205 on the BSE, after the news.
Besides the production caveat, the apex court said there will be no grant of lease for mining around one km of national parks and wild life sanctuaries. The Ministry of Environment and forests will identify eco-sensitive areas around national parks within six months.
Source:- moneycontrol.com
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