Mining Province of southwestern India, Goa (Goa) prior to its implementation of the temporary ban on all mining activities, special committees appointed by the Indian federal government is responsible for investigating illegal mining activities (hereinafter referred to a special committee) reported that the presence of the state Illegal mining behavior. Market participants, the state mining companies and research institutions that Goa is already in production off-season (Ramadan), and the market supply is adequate, the ban on short-term impact is very limited.
FMCT can not help but shipped
Goa Mineral and Ministry of Geology (DMG) has said a notice that it has ordered the temporary suspension of all mining operations in the territory of the state, with effect from September 11. Goa DMG said, the majority of the state's mining operations for iron ore mining and production, they will be suspended before the introduction of further commands. However, also said that the order would limit has been mined, inventory and transport the minerals trade and shipping.
Special committee last week, the study found that there are "serious illegality and irregularities" Goa mining behavior. Said in a report, many Indian Bureau of Mines and the environment and the Forest Department of the mining project grant mining license is unreasonable, not fully take into account the protection of mineral resources and environmental protection. Its also pointed out that from 2006 to 2010, the mining companies in Goa led to the "invasion" of adjacent mines illegal iron ore production of about 127.3 million tons, assuming the cost of exports during this period to 60 U.S. dollars / ton, that illegal mining loss of more than 7.6 billion U.S. dollars.
Given the Commission's findings, the Goa government to resume operations in the approved mining area before a "verification and licensing committee will be set up to carry out a detailed review of each mining license.
DMG said the stock has been mined, and mineral products in transit, with the miners and traders of these products to its report, quantity, grade, and storage location information within 7 days. DMG will set up an inter-departmental inspection group to check these products.
According to the data of the Goa Mineral Exporters Association (GMOEA), 2011/2012 fiscal year (April 2011 to March 2012), Goa's iron ore exports to 38.336 million tons, accounting for the same period, India 61.8 million tons 62% of the total export volume.
Very limited short-term impact
Market participants believe that the ban on mining in Goa shortage of seaborne iron ore market is very limited, but any of the state's continuing restrictions on the supply of global iron ore market and the spot price in the longer period a significant impact. Said Graeme Train, commodity analyst of Macquarie (Macquarie) and its associates in India, the ban is expected to last less than one to two months, once the miners have all the necessary permits, they can re-start production . If the ban is canceled within a month, it will not have much impact on the export of Indian Mining Industry (FIMI) Secretary-General of the League of RKSharma.
According to Platts reported, some of China's iron ore importers, said the ban "indifferent" Goa supply is limited due to the ongoing Ramadan. A trader said that the mining companies sourcing products from Goa, very adequate supply of iron ore from Australia and Brazil. The statistics show that in the first seven months of this year, India still is China's third largest importer of iron ore, but the number of exports to China fell by 44 percent to 30 million tons. In July, the South African iron ore exports to China reached 400 million tons, more than 2.5 million tons in India.
Recent iron ore prices have fallen sharply narrowed the spread of medium-grade and low-grade iron ore fines. Therefore, China's steel mills are more inclined to buy medium-grade iron ore in Australia, the powder minerals than India is more reliable and better quality. Chinese traders also believe that some of China's small and medium-sized steel mills may have been in some low-grade products purchased from Goa, mixed with high-grade iron ore. However, also pointed out that the ban of Goa and not entirely unexpected, is only a question of time. This may price some support, but not much, and depends on the impact of this news on the market atmosphere.
Overall, the impact of the ban will be very limited, Goa will not become another Karnataka Train. Research institutions based in Sydney, Australia, RBC Capital Markets analyst also believes that the impact of the ban within the shortage is limited, causal Abang still Ramadan season. However, taking into Goa every year on the maritime market supply an average of 30 million to 40 million tons, Goa ban continues, it may bring a significant impact in the long term, this may 2013 iron ore prices bring some support.
Sesa Goa, Goa's largest iron ore producer, said its business will be affected, but I hope that the ban was short-lived. The spokesman of SesaGoa said that this will cause delays in business operations, and I hope this situation as soon as the end of Ramadan season, is now, not much production, only a minor impact in the short term, the company will in the remainder of the year to the time within supplement production.
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