India's federal government has mandated that state governments in the country extend the iron ore mining leases of state-owned companies in blocks of up to 20 years if such applications are made at least 12 months prior to their expiry.
The move is an effort to ensure a stale supply of domestic iron ore next year, with the leases of 31 mines - affecting some 60-80 million tonnes - set to expire on March 31, 2020.Any disruptions could prove costly for steel mills already staring at the prospects of weak poor demand amid macroeconomic headwinds aggravated by a liquidity crunch in country and a weak automotive sector.India posted a gross domestic production growth of 5% in the quarter...