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\t\t<\/span><\/p>\n <\/span><\/p>\n \n \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":" * Goa to set up committee to review mining operations * Inquiry could take a few months to complete -industry * Iron ore exports seen falling if ban stays for long * Sesa Goa, Sterlite fall more than 5 pct after move (Adds quotes, details, analyst comment) By Siddesh Mayenkar MUMBAI, Sept 11 (Reuters) – […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-14486","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=14486"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14486\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}* Goa to set up committee to review mining operations\n * Inquiry could take a few months to complete -industry\n * Iron ore exports seen falling if ban stays for long\n * Sesa Goa, Sterlite fall more than 5 pct after move\n\n (Adds quotes, details, analyst comment)\n By Siddesh Mayenkar\n MUMBAI, Sept 11 (Reuters) - India's Goa state temporarily\nhalted iron ore mining from Tuesday to check if operations were\nlegal, a move that is expected to further dent exports from the\ncountry and support flagging global prices.\n Shares in miners, such as Sesa Goa Ltd and\nSterlite Industries, fell more than 5 percent on\nworries over cuts to output and exports by India - the world's\nformer No. 3 supplier of the steelmaking ingredient. \n India's iron ore exports, which mainly head to China, have\nalready halved because of government taxes aimed at keeping\noutput for the domestic steel industry and efforts to stop\nillegal mining. \n Tumbling global prices, down a third since July and now near\nlevels last seen in 2009, have also deterred exports. \n The move by Goa to suspend mining activities came after an\nexpert panel formed by the federal government found \"serious\nillegalities and irregularities\" in mining operations.\n State officials in Goa, India's second-biggest iron ore\nproducer which normally supplies about 50 million tonnes a year,\nsaid the inquiry could take several weeks while industry sources\nsuggested it might be months. \n \"We are trying to do it with priority and we will expedite\neverything,\" said Prasanna Acharya, director of mines and\ngeology in Goa's mines department, declining to give a time\nframe for the checking process.\n The state will set up a committee to review mining before\ngiving approval to resume operations. Iron ore already produced\nor stored at ports can be moved, the government said in a order\nlate on Monday. \n \"Our contacts in India say they expect this to last not more\nthan one to two months,\" said Graeme Train, commodities analyst\nat Macquarie in Shanghai. \"As soon as the mines show that they\nhave all the permits then they can just start producing again.\"\n ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ \n FACTBOX-Top iron ore exporters, importers \n Iron ore seen in mild rebound in H2 \n TIMELINE-India's moves to curb ore exports \n Indian iron ore exports since 2000\/01: \n link.reuters.com\/nan29s<\/a> \n ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^\n \n MINING SHARES DROP\n Sesa Goa, which gets most of its iron ore from Goa, said\nbusiness would suffer but it hoped the halt would be\nshort-lived. Its shares fell as much as 7 percent on Tuesday.\n \"There will be a delay in operations. We are hopeful this\nimpasse will end fast. It is monsoon and not much production\nhappens at this time, but there will be a slight impact in the\nnear term. We hope to make up in the rest of the year,\" Sesa\nspokesman R Krishnagopal said.\n Shares of non-ferrous metals producer Sterlite, which is set\nto merge with Sesa Goa to create Sesa Sterlite -- the eventual\numbrella unit for other subsidiaries of the Vedanta Group, were\n4.6 percent lower at 94 rupees.\n Margins for miners in Goa have been hit hard as a 30 percent\nexport tax, high freight rates and low global iron ore prices\nhave made shipments unviable.\n Also, operations usually slow during the June-to-September\nmonsoon season as rains hamper mining and transportation.\n \"The suspension ... albeit temporary, is likely to\nexacerbate the decline in Indian iron ore exports and provide an\nupside trigger to spot iron ore prices,\" Deutsche bank analysts\nsaid in a research note.\n Exports from neighbouring Karnataka, which together with Goa\nsells about 75 million tonnes a year overseas, remain stalled as\nit has failed to comply with a Supreme Court order to lift a ban\non shipments, introduced to curb illegal mining in the state.\n Shares of JSW Steel, which uses iron ore in steel making,\nfell as much as 2.4 percent on worries the Goa halt would\nfurther dent domestic supplies. Steel makers in India have been\noperating below capacity due to lack of raw materials.\n In the seven months to July, India remained the third\nbiggest exporter of iron ore to top market China, but volume\ndropped by 44 percent to 30 million tonnes. \n But in July alone, South Africa edged out India in terms of\nexports to China, with shipments of over 4 million tonnes versus\nIndia's 2.5 million tonnes.\n \"Overall the impact (of the Goa halt) looks like it's going\nto be quite limited. It doesn't look like this is shaping up to\nbe another Karnataka,\" Train said.\n\n (Additional reporting by Abhishek Vishnoi, Prashant Mehra and\nManoj Dharra in MUMBAI and Manolo Serapio Jr. in SINGAPORE;\nEditing by Jo Winterbottom and Himani Sarkar)<\/pre>\n