India to secure Iron Ore Supply by Increasing Mining Leases

KOLKATA, India - Oct. 11, 2019 - PRLog -- With sources, it has come to the news that India has now made it mandatory for mining leases granted state-run firms to be resumed for 20 years by the steel ministry. Thereby securing iron ore generation, where numerous leases were scheduled to terminate in March 2020. The department of mines has revised enactment to acknowledge the contracts to be stretched before their expiry guaranteeing raw material protection and seamless restoration of quarrying contracts allotted to the government organizations. Pig iron manufacturers are expecting a better run for this as they have been looking for securing iron ore production for a long time now.

When it comes to Minerals by Government Companies Rules, the ministry has already planned the lease extension earlier. It will be granted after an application by the state-run companies are made at least twelve months before the lease is going to expire. According to Ravi Agarwal, 'the lease factor must be taken into account so that mining ore is secured, it is a huge part for iron and steel production that must not be left unnoticed'.

As per Sumit Khetan, 'The curious case of lease and extensions of the pig was always a debate for years, I am happy that the government is finally taking some steps to combat this issue. It is something that will help the mining sector work in peace without worrying about the lease, payments, and renewal'. As we spoke about the amendment, it necessarily does not cater to all the sectors that want to extend the lease. More than 31 mining lease is about to expire by March 2020 and before that the extensions are supposed to be made ready.

Pig iron products and other materials required to make steel take time to process and manufacture. Today, if India is moving ahead in a better direction it is assumed that pig iron manufacturers in Durgapur and other industrial areas will benefit from the amendment.

Neo Metaliks Limited is a big name in the eastern pig iron industry belt and has been performing since 2003. They have been one of the finest sellers of pig iron and cast iron products.

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