You are here: Home » News-IANS » Business-Economy
Business Standard

State firm for mining unviable, says Goa CM

IANS  |  Panaji 

on Monday ruled out setting up of a corporation to run the state's sector, calling it "unviable".

He hinting that auctioning of leases may be the only option before him, in order to kick-start the ore extraction, which is scheduled to wind up from March 15 following orders.

"We will see to it that is resumed as early as possible. Even if we go for auction, we may put some stringent clauses to ensure that leaseholder will have to start within a specific period or pay a heavy penalty otherwise," Parrikar told reporters here.

Setting up the state corporation for will "invite multiple problems", he said.

On February 7, the cancelled all existing leases in and ordered that the tracts should be leased out afresh, after obtaining new environmental clearances.

As per the order, all ore extraction activity on the renewed leases should cease by March 15.

is the country's leading exporter of low-grade iron ore and exported nearly 50 million tonnes before the in 2012 exposed a Rs 35,000-crore scam, implicating nearly all major industrial houses along with then and key bureaucrats.

Iron ore extraction in was subsequently halted by a series of bans by the state and central governments and eventually by the in 2012.

However, a BJP-led coalition government in 2014-15 renewed the leases in favour of the same companies accused by the of



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, February 12 2018. 22:42 IST