India has given the go-ahead to the state-owned Steel Authority of India (SAIL), to sell up to 7 million tonnes of iron ore annually , to maintain security of raw material supplies ahead of the expiration of 31 mining leases in the country next year.
"The Ministry of Mines has allowed SAIL to offload in a year up to a quantity equivalent to [a] maximum [of] 25% of [the] total iron ore production in the previous year," the ministry said this week.The decision is valid for two years and will be subject to clearance by the state governments where SAIL's mines are located.As well as being a major iron...