JSPL Allowed to Lift Iron Ore Stocks from SMPL only after SMPL Pays Compensation - Reports

Giving big relief to Sarda mines Supreme Court today (i.e 30th Jan 2020) allowed mines to resume operations. Apex court allowed on the condition to pay dues (INR 933 crore) towards environmental compensation to Odisha Govt. by 29 Feb'20, as reported by PTI.

The honorable court also made it clear that JSPL can transport iron ore lying at Sarda mines only after Sarda pays INR 933 crore towards compensation for the environment.

However, in conversation with JSPL officials, SteelMint learned that they are waiting for the order copy.
In its quarterly conference call, Jindal Steel & Power Ltd mentioned that they are hopeful to get a positive judgement regarding its case for buying high-grade iron ore stocks lying at Sarda Mines for which it has already paid the royalty. Company's 30% iron ore demand is met from its captive Tensa mines and for rest 70% its dependent on the merchant market.

Sarda mines Pvt Ltd holds a lease Thakurani (Block B) iron ore mines at Keonjhar, Odisha. The operations at mine are closed since 31st Mar'14. The company has an EC limit of 4 MnT.