‘Goa’s mining export revenue will fall 50 percent’February 23rd, 2009 - 11:21 pm ICT by IANS
Panaji, Feb 23 (IANS) Goa’s Rs.60-billion (Rs.6,000-crore) low-grade iron ore exports are expected to fall 50 percent this fiscal, an industry leader said here Monday.
While exports this year have shown a marginal drop in terms of volumes, the actual revenue earned has shrunk considerably, Shivanand Salgaocar, president of the Mineral Ore Foundation (MOF), told reporters.
“The prices for low-grade iron ore plummeted during the second half of 2008. Right now, we are seeing a steady renewal of demand for low-grade iron ore, but at virtually half the original rates,” he said.
Salgaonkar added that the economic recession in Japan has hit India’s mining industry hard.
“The recession in Japan is particularly severe. Japan has cut down on its steel production by nearly 11 million tonnes,” he said.
Salgaocar, who is also the joint managing director of VM Salgaocar and Brothers Pvt Ltd, refused to comment on the issue of illegal mining, which anti-mining activists allege is rampant in Goa’s mining belt.