| Date: |
01-03-2011 |
| Subject: |
Hike In Iron Ore Export Duty Worries Firms |
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BANGALORE: Mining companies have expressed concern over the 20% export duty on iron ore imposed in the Union budget. "The duty is a bolt from the blue to the mining industry which is suffering in Karnataka due to illogical ban on iron ore export. It's a matter of concern as to who will bear the cost, the seller or the buyer. This is a steep hike from 5% to 20%," Rahul Baldota, executive director, Baldota Group said.
Karnataka gets two types of iron ore __ fine and in lumps. India exports only the fine quality and its export duty has gone up from 5% to 20%.
Source : timesofindia.indiatimes.com
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