Kolkata/ Bhubaneswar
As many as 17 lessees in Orissa have been found to be selling iron ore lumps and fines at prices lower than the all-India average resulting in huge loss of revenue to the state government towards royalty.
The miners in the list include Serajuddin & Company, Sarda Mines Pvt Ltd, Kalinga Mining Corporation Ltd, Tarini Minerals Ltd, Penguin Trading & Agencies Ltd, K C Pradhan and Lal Traders & Agencies to name a few.
"It is not clear as to why the lessees are quoting prices of iron ore prices and lumps at prices lower than the all-India average. Location of the mine and high transportation cost can be one of the reasons for under reporting of prices but a thorough enquiry is needed. We have asked the mines directorate to probe into the matter and cross check prices”, a top official source told Business Standard.
It may be noted that against the all-India average price of Rs 4,407 per tonne for iron ore lumps with Fe content of 65 per cent and beyond, the price quoted by Serajuddin & Company stood at only Rs 1,100 per tonne, Tarini Minerals Ltd at Rs 3,494 per tonne, Kalinga Mining Corporation at Rs 3,028 per tonne and that of Ghanshyam Mishra & Sons at Rs 2,774 per tonne.
For iron ore fines with Fe content in the range of 60-62 per cent, the price quoted by Sarda Mines Pvt Ltd stood at only Rs 1,248 per tonne compared to the all-India average of Rs 1,973 per tonne.
Similarly, for iron ore fines with Fe content of 62-65 per cent, while the average all-India price stands at Rs 1,978 per tonne, Sarda Mines and Tarini Minerals Ltd are selling it at Rs 1,248 per tonne and Rs 1,099 per tonne respectively.
On review of the IBM sale prices of iron ore for March 2011, it has been observed that while the rate of iron ore lumps having Fe content of 58-60 per cent, 62-65 per cent and above 65 per cent are higher than the all-India average, the rate for lumps with 58 per cent Fe content is nearly one-fourth of the all-India average.
In case of iron ore fines, it is seen that 60-62 per cent Fe fines, 62-65 fines and 65 per cent above Fe fines rate for Orissa is the same whereas it should be increasing with Fe percentage.
The prices for these categories are below all-India average and in case of below 55 per cent Fe fines; the price is only one-fifth of all-India average. (sourced BS)
As many as 17 lessees in Orissa have been found to be selling iron ore lumps and fines at prices lower than the all-India average resulting in huge loss of revenue to the state government towards royalty.
The miners in the list include Serajuddin & Company, Sarda Mines Pvt Ltd, Kalinga Mining Corporation Ltd, Tarini Minerals Ltd, Penguin Trading & Agencies Ltd, K C Pradhan and Lal Traders & Agencies to name a few.
"It is not clear as to why the lessees are quoting prices of iron ore prices and lumps at prices lower than the all-India average. Location of the mine and high transportation cost can be one of the reasons for under reporting of prices but a thorough enquiry is needed. We have asked the mines directorate to probe into the matter and cross check prices”, a top official source told Business Standard.
It may be noted that against the all-India average price of Rs 4,407 per tonne for iron ore lumps with Fe content of 65 per cent and beyond, the price quoted by Serajuddin & Company stood at only Rs 1,100 per tonne, Tarini Minerals Ltd at Rs 3,494 per tonne, Kalinga Mining Corporation at Rs 3,028 per tonne and that of Ghanshyam Mishra & Sons at Rs 2,774 per tonne.
For iron ore fines with Fe content in the range of 60-62 per cent, the price quoted by Sarda Mines Pvt Ltd stood at only Rs 1,248 per tonne compared to the all-India average of Rs 1,973 per tonne.
Similarly, for iron ore fines with Fe content of 62-65 per cent, while the average all-India price stands at Rs 1,978 per tonne, Sarda Mines and Tarini Minerals Ltd are selling it at Rs 1,248 per tonne and Rs 1,099 per tonne respectively.
On review of the IBM sale prices of iron ore for March 2011, it has been observed that while the rate of iron ore lumps having Fe content of 58-60 per cent, 62-65 per cent and above 65 per cent are higher than the all-India average, the rate for lumps with 58 per cent Fe content is nearly one-fourth of the all-India average.
In case of iron ore fines, it is seen that 60-62 per cent Fe fines, 62-65 fines and 65 per cent above Fe fines rate for Orissa is the same whereas it should be increasing with Fe percentage.
The prices for these categories are below all-India average and in case of below 55 per cent Fe fines; the price is only one-fifth of all-India average. (sourced BS)
Posts
No comments:
Post a Comment