|Abg shipyard, Dahej|
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Friday, July 11, 2014
Fingers crossed for early resumption of mining
[Editor: The resumption of mining in Goa, will have sentimental effect on two of my recommended counters, viz. Resurgere Mines and Minerals Ltd (Rs.2.20) and Western India Shipyard Ltd (Rs.2.45). The former is a pure mining company, which is expected to start mining in Mahalmiriya (Bauxite) Mines in Maharashtra, post monsoon. It has already got approval for the same from the authorities, but got struck-up due to some problem in the lease agreement. While later would get benefited, as more ships will start taking ores from Mormugao Port, Goa. After repair, the ships do not generally want to go empty. Western India Shipyard Ltd (WISL) is strategically located at Mormugao Port Goa along the west coast of India. WISL repairs vessels such as cargo vessels, passenger vessels, transhippers, dredgers, coast gaurd / Naval vessels, barges, tugs, OSV'S, tankers and deepwater oil rigs. Its clients include: Chowgule Steamship Ld, Varun Shipping Ltd, Reliance Industries Ltd, SCI Ltd, Navy, Coast Guard, PFS Shipping, Transocean, Nobel Sedco Forex, Jindal Drilling, Aban Offshore, ONGC, etc. In the Budget 2014-15, the outlay for defense was hiked over the previous year. The Company hopes that repair of naval vessels will continue to be given priority in view need for extensive repair and modernization of the naval fleet in the coming years. Moreover, as a subsidiary of ABG Shipyard Limited, it enjoys continuous access to technical, marketing and financial support from ABG Shipyard Limited, who is an established market leader in the Shipbuilding Industry]
"It is my government's intention to encourage investment in mining sector and promote sustainable mining practices to adequately meet the requirements of industry without sacrificing environmental concerns. The current impasse in the mining sector, including, iron ore mining, will be resolved expeditiously. Changes, if necessary, in the MMDR Act, 1957, would be introduced to facilitate this," Jaitley said.
Reacting to the budget speech, S Sridhar, executive director of the Goa Mineral Ore Exporters' Association (GMOEA), said that the GMOEA is hopeful of mining resuming.
Sridhar also said that the government intends to make changes in the MMDR Act and the GMOEA has to wait till it comes out. "We are waiting for the state government mining police and renewal of mining leases as soon as possible," he added
Jaitley also said, "There have been requests from several state governments to revise the rate of royalty on minerals. Members are aware that the rate of royalty can be revised after a period of three years. The last revision took place in August, 2009. Therefore, another revision, which is due, will be undertaken to ensure greater revenue to state governments."
Goa mining came to a halt in September 2012, since then the state's mining industry has been living in hope of an early resumption of mining activities.