Sandur Manganese and Iron Ores have moved higher by over 8% at Rs 558 after the company said it has resumed its mining operations in Karnataka from today.
The company had suspended the mining operation in the state consequent to Forest Conservation Division of Ministry of Environment & Forests (MoEF), opined that the forest clearance granted by it to the company should be considered as co-terminus with the period of Lease under Mines and Minerals (Development & Regulation) Act, 1957 since it does not recognize the provisions under Mineral Concession Rules, 1960.
In February, the company had made an application before the Hon’ble Supreme Court for resolving the issue pertaining to interpretation of the relevant provisions in this regard.
Considering the Company’s plea, the Supreme Court was pleased to stay the directions contained in the said MoEF’s communication dated 29 January 2014 resulting in permitting the company to continue mining operations, Sandur Manganese said in a statement.
The stock opened at Rs 510 and touched a high of Rs 565 on the BSE. Around 24,000 shares changed hands on the counter till 1050 hours against an average less than 10,000 shares that were traded daily in past two weeks on the BSE.
The company had suspended the mining operation in the state consequent to Forest Conservation Division of Ministry of Environment & Forests (MoEF), opined that the forest clearance granted by it to the company should be considered as co-terminus with the period of Lease under Mines and Minerals (Development & Regulation) Act, 1957 since it does not recognize the provisions under Mineral Concession Rules, 1960.
In February, the company had made an application before the Hon’ble Supreme Court for resolving the issue pertaining to interpretation of the relevant provisions in this regard.
Considering the Company’s plea, the Supreme Court was pleased to stay the directions contained in the said MoEF’s communication dated 29 January 2014 resulting in permitting the company to continue mining operations, Sandur Manganese said in a statement.
The stock opened at Rs 510 and touched a high of Rs 565 on the BSE. Around 24,000 shares changed hands on the counter till 1050 hours against an average less than 10,000 shares that were traded daily in past two weeks on the BSE.
