Odisha Miners

Odisha earned Rs 50,000 cr revenue from mining in FY 2021-22: Chief secy

Odisha Chief Secretary P K Jena on Wednesday said that the state has earned Rs 50,000 crore revenue from the mining sector in the financial year 2021-22. Addressing the 77th annual technical meeting of Indian Institute of Metals and National Metallurgist Award ceremony here, Jena said the mining sector has changed the financial situation of the state as revenue from the industrial activity increased ten-fold from just Rs 4,900 crore in the 2016-17 fiscal. "Revenue from the mining sector was about Rs 4,900 crore in 2016-17. In 2021-22, it grew to almost Rs 50,000 crore. This is an almost ten-fold increase in five years," Jena said, while highlighting the contribution of the mining sector to the state's economy. He said Odisha recognises the importance of metals and metallurgical infrastructure and is committed to supporting the sector. "Be it the development of new technology or collaboration with research and scientific institutions, we are here to support you," he told the ...

Odisha exchequer facing losses due to BJD govt, mine owners nexus: BJP MP

Odisha BJP MP Aparajita Sarangi has claimed that the state's exchequer was suffering losses to the tune of crores of rupees due to the BJD government's "unholy nexus with mine owners". Sarangi, a bureaucrat-turned-BJP politician, claimed that the state government "downgraded" the quality of iron ore being produced in some mines auctioned recently. Insisting that a big scam has been pulled off, the Bhubaneswar MP, during a press meet on Monday, said the ratio of low-grade iron ore in 2019-2020 was valued at 23 per cent; it increased to 95 per cent in 2021-2022. "This would not have been possible without connivance between the government and the mine owners," she said. Earlier, Justice MB Shah Commission, during its probe into illegal mining, had detected losses of Rs 59,000 crore, causing a flutter in the state, she said. It was expected that the situation would change for better after that. The scale of irregularities, however, have only increased with time," the MP said. Rejecti

Weak demand, oversupply, price drop to hit steel sector in Q2 FY21: Ind-Ra

Both HRC and rebar prices were down 3 per cent and 4 per cent month-on-month respectively in mid-June

Odisha merchant miners stare at glum future after coronavirus outbreak

Since the enforcement of lockdown orders, barely any activity has occurred at the merchant leases between March 19 and 31

Odisha govt allows merchant miners to stash minerals in stock yards

The merchant miners will be granted storage licenses valid is till March 31, 2022

If you feel we are coercive, so be it: Odisha govt to erring miners

Odisha government on Friday said all out efforts would be made to collect the pending dues

SC asks Odisha to take steps to collect Rs 70 bn unpaid penalty from miners

The Supreme Court today ordered the Odisha government to take steps to collect over Rs 70 billion (Rs 7000 crore) unpaid compensation from the iron ore and manganese mine owners towards excess mining perpetrated in the state.The court also asked the state owned Industrial Development Corporation (Idcol) to pay interest at the rate of 12 per cent per annum for the period of delayed payment of the compensation after the expiry of the deadline on 31st December.The condoning of delayed payment by Idcol has raised hopes among other defaulting miners to pay their dues along with the court stipulated interest and restart operation. If that happens the iron ore production in the state may revive from next fiscal beating all dismal projections.After the December 31 deadline lapsed, the Odisha government had stopped operations of seven working iron and manganese ore mines for non-receipt of the penalty money. The shutdown of these mines knocked off about 20 million tonnes in annual iron ore ...

Supreme Court order sparks hope of hike in iron ore output, easing prices

The Supreme Court order allowing relief to Odisha's defaulting miners to pay off their pending compensation with interest has revived hopes of growth in iron ore production in the state.With one large merchant miner- Essel Mining & Industries making its payment in full after the stipulated December 31 deadline and a few other miners expected to follow suit, iron ore production in Odisha is expected to pick up steam from the next fiscal.Apart from Essel Mining, state owned Industrial Development Corporation Ltd (Idcol) has also paid its share of compensation of Rs 105 crore after the court ordered deadline. The apex court has condoned the delay in payment by Idcol and allowed it to resume mining operations after paying 12 per cent interest. The apex court also condoned the delay in payment by Essel Mining but has not approved the resumption of mining as other cases are still pending against the lessee."Both Essel Mining & Idcol have paid compensation after the Supreme Court ...

Odisha govt collects Rs 7,962 cr penalty from mining companies

The Odisha government has realised Rs 7962 crore so far from mining companies as compensation for illegally extracted iron and manganese ore between 2000-01 and 2010-11.With the Supreme Court deadline of December 31 inching closer, miners are making payments hurriedly to save their operating leases."The penalty payment of Rs 7962 crore is reflecting in our head of account. We expect this figure to rise to Rs 9000 crore by December 30. The exact amount paid by the lessees can be known on January 1 as the final figure will take some time to reconcile in our account", said a senior government official.Most of the key miners with huge penalty burdens have paid their share of compensation. Tata Steel, Essel Mining, Rungta, state run Odisha Mining Corporation (OMC), Jindal Steel & Power Ltd (JSPL), Indrani Patnaik, Kaypee Enterprises, Aryan Mining & Trading Corporation and Tarini Minerals and K N Ram have made payments (as on December 29), the official said. All these companies were