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Category: Iron Ore
The state government of Karnataka has recently announced a ban on export of iron ore mines to control the flourishing illegal iron ore mining. However, it has impacted larger players like Baldota mines, this is a setback. However, experts feel that banning of exports is more of a political decision than a business decision. It does not make sense, as steel plant take 5 years to build, while there are 240 million tonnes of iron ore mine of which only one-third is consumed. Balance has to be stored which does not make sense. Further, there are over a million labours will be affected if mines get closed
