PANAJI (Commodity Online): Goa Mineral Ore Exporters Association (GMOEA) has expressed concern over the latest iron ore export duty hike by the Union Finance Minister.
The India government had raised the import duty over the iron ore from 20% to 30% inorder to supply sufficient amount of ore to the domestic steel manufacturers in the country.
According to the GMOEA, the decision would hurt the mining industry in the state very hard, as in Goa, the iron ore produced is of inferior quality and it is not consumed in India.
China is the major importer of low grade iron ore and now with the price hike, the exports of the state will be ceased.
The exports of the iron ore produced in the state contributes to almost 35 percent of the state GDP.
"If Goan iron ore is not exported and is not consumed in India, it ceases to become a strategic natural resource. It loses all economic relevance, and the low grade generated in the course of mining will have to be treated as a waste, causing environmental concerns to a tourist paradise,"said Manguirish Pai Raikar, president, Goa Chamber of Commerce and Industry (GCCI), reported IANS.
Goa exported over 50 million tons of iron ore in the last fiscal.
