Panaji | Jul 12, 2016: The directorate of mines and geology (DMG) on Monday directed mining companies to deposit the extraction cost of ore, not lifted so far from the mining sites or jetties, which was e-auctioned.
The mines department had e-auctioned the iron ore and paid the extraction cost to the mining company which extracted ore between 2007 and 2012. As the ore was not lifted and money was already paid, the mines department wants the money returned.
Mines director Prasanna Acharya, in a notification, said it has been found that not all auctioned material has been lifted from various storage points. "Owners of such stacks, who have collected extraction cost in advance for the balance quantity of ore not lifted so far by the dealers, are hereby directed to deposit such part of extraction cost realized by them, but the cargo of which is not lifted so far on or before July 21, 2016, failing which they shall be liable to pay interest at the rate 24% per annum, from July 11, 2016, for such amounts realized in advance," Acharya stated in the notification.
He also added that owners of stacks, whose ore is lifted by bidders and who have not collected the extraction cost, are hereby requested to collect the same latest by July 21, 2016.
(Source: http://timesofindia.indiatimes.com/)