NEW DELHI, July 3 (Reuters): India's Sesa Sterlite Ltd expects its iron ore output to surge six fold this fiscal year as it resumes production in Goa in September after a 19-month mining ban in the state, an executive of the country's top private iron ore miner said.
A pick up in production as mines in India's biggest iron ore-exporting state restart could hurt global prices of the steelmaking raw material that have already lost almost 30 per cent this year in an amply supplied world market.
Sesa Sterlite's total iron ore output from India, where it operates in Goa and neighbouring Karnataka, is expected to reach 9.29 million tonnes in the year to March 2015 from about 1.5 million a year ago, Aniruddha Joshi, a vice president at the firm, told Reuters in an interview on Thursday.
Most of the output will be exported as Indian steelmakers are not keen on buying the low-grade ore from Goa at global benchmark prices, Joshi said. The country is currently the world's tenth largest exporter of iron ore.
"It'll suffice to say that only China can use Goan ore," Joshi said. "Because it's hematite coarse fines which can be mixed with very fine concentrates that are only produced in China in high quantities."
India\\\'s Sesa sees 6-fold jump in iron ore output, Goa mining set to resume
FE Team | Published: July 04, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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