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VV Minerals was established back in late 1980s and has won national awards for its contribution to export business. The company is also known for exporting ilmenite to several countries. However, the government imposing 10% export duty on the sale of ilmenite and 5% duty on upgraded ilmenite has caused grievances to the mining industry. - PowerPoint PPT Presentation
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VV Mineral Mining Expresses Disappointment At Export Duty On Ilmenite
VV Minerals was established back in late 1980s and has won national awards for its contribution to export business. The company is also known for exporting ilmenite to several countries. However, the government imposing 10% export duty on the sale of ilmenite and 5% duty on upgraded ilmenite has caused grievances to the mining industry.
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Several mining officials have requested the government to withdraw the export duties. “These duties will gravely affect the companies and mining industry as a whole,” says VV Mineral Vaikundarajan.
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Mining industry contributes to 2.5% of country’s GDP with employment of over 50 lakh people. “Due to the export duty, other countries may look at South Africa for ilmenite putting Indian export business at a serious risk,” VV Mineral Mining added.
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Mining officials have raised concerns on the industry standing threat of becoming standstill due to the export duty. “There is a possibility that ilmenite from South Africa may be exported to China due to its quality and price. Export duty will be a hurdle for the industry to compete globally,” said Arjeth Bagchhi, President of Mining Engineers Association of India.
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VV Mineral Vaikundarajan further informed that the government may be looking at doing away with deemed extension of leasing of ilmenite. “This move could potentially bring down the mining industry in two years,” he said.
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Whether the government will heed to the mining official’s request remains to be seen. Meanwhile, VV Minerals hopes that the industry will stand strong against this decision.
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Read The Article For More Details
http://www.deccanherald.com/content/425496/mining-industry-seeks-withdrawal-export.html
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