Global Iron Ore Industry Expects New Govt. to Open Indian mines, says Radiant World
(Minews) - The global iron ore industry anticipates the new Indian Government to open Indian mines and resume Chinese exports, said a senior official of trading company Radiant World. Radiant World is a well established firm in iron ore exports, mill scale, and coal imports.
Mumbai based company’s Senior Vice President, Gopalakrishna Rampalli also commented that they have good expectations. With regard to mine opening, he mentioned that with the opening of Goa mines, the iron ore exports to China is likely to touch 20 million tonnes this year. The commencement of mining operations would increase the iron ore exports to about 110-120 million tonnes per year. Before the iron ore mining ban, the exports had reached 110 million tonnes, he pointed out.
Radiant World has temporarily set up its global headquarters in Singapore with four international iron ore traders and all its operations are supported by Mumbai corporate office and its Shanghai and Beijing outlets. The company would be handling about 7 million tonnes of iron ore exports, costs of about USD 600 million in 2014, the group Chairman Pinkesh Nahar said.
He added that their aim is to trade 1 million tonnes of iron ore per month and make revenue of USD 1billion next year. The company at present sources the iron ore from South Africa, Morocco, Indonesia, Brazil, Australia and trade with mills in China.
Publish date : Monday 12 May 2014 23:37
Story Code: 8069
