Goa govt disputes mining scam loss figure of Rs 35,000 crore

07-Aug-2017

The Goa government has disputed a judicial commission’s projection of Rs 35,000-crore loss caused due to illegal mining in the state from 2005 to 2012.

Chief Minister Manohar Parrikar today told the assembly the figure of estimated loss due to illegal mining put out by the Justice M B Shah Commission was not correct.

“As such, the assumed figure of about Rs 35,000 crore loss based upon lease encroachment was found to be not correctly projected,” he said.

Parrikar said the state government has not yet completed investigations into mining illegalities which took place during that period (2005-2012).

Illegal acts were being investigated on a case-to-case basis, he added.

Parrikar said the CAG has not quantified loss from 88 operational leases.

“The commission has directed the government to assess, with the help of experts, the actual loss caused to the state from each mine and other illegal mining activities based on ground realities,” he said, responding to a question tabled by Leader of Opposition Chandrakant Kavlekar (Congress).

Iron ore extraction in Goa was stopped in September 2012 by the Supreme Court after the commission, which probed the mining scam, submitted its report.

The apex court lifted the ban two years later but put several riders.

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

Vedanta, NMDC gain up to 4.5% after iron ore futures hit 4-month high

Iron ore futures in China continued to move upwards. The stock futures hit upper circuit of 8 percent and are trading at fresh four-month high.

Iron ore producers NMDC and Vedanta shares gained up to 4.5 percent intraday Monday after the rally in iron ore futures.

Iron ore futures in China continued to move upwards. The stock futures hit upper circuit of 8 percent and are trading at fresh four-month high.

Incorporated in 1958, state-owned NMDC involved in the exploration of wide range of minerals including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands etc.

NMDC is India’s single largest iron ore producer, presently producing iron ore from its 3 fully mechanised mines two in chhattisgarh and one in Karnataka State.

Vedanta is the largest producer exporter of iron ore in the private sector in India, which iron ore operations in Goa, Karnataka and Liberia.

Source-moneycontrol