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SC orders temporary closure of some Odisha iron ore mines

Move could force steelmakers to source the raw material from overseas

Reuters  |  New Delhi 

The Supreme Court ordered on Friday the temporary closure of nearly half of the iron ore mines in top producing state Odisha due to non-renewal of years-old leases, in a blow to local steel mills that depend heavily on high-quality ore from the state.   Odisha, which allows exports of only half of total iron ore output, produced more than 70 million tonne in the last fiscal year from 56 operating mines.   The move is unlikely to lift global iron ore prices given the limited flows from Odisha to international markets, but it could force Indian steelmakers to ...

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First Published: Fri, May 16 2014. 13:59 IST