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India’s Karnataka bans iron ore exports

BENGALURU (Commodity Online) : After being in the centre of controversy, India’s southern state Karnataka finally announced ban on export of Iron Ore from the state.

Speaking to newsmen here, State Chief Minister B.S. Yeddyurappa said it was the only way to stop illegal mining in the state.

The ban will be in force till the completion of a state ombudsman probe into illegal mining in the last 10 years, between 2000 and 2010. He also clamped a ban on transport of iron to other states.

Prior to it the State banned issue of permits for transporting Iron Ore for exports.

Between 2000 and 2010, over 30 million tonnes of iron ore was illegally mined and exported from Karnataka, according to data provided by Yeddyurappa to the state assembly.

MCX Kapas 30 April 2012 contract was trading at Rs 761 , up Rs. 29.3 . What's your view on it?
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