'SC order on mining leases will adversly affect industry'

On a day the Supreme Court quashed the second renewal of iron ore mining leases awarded to 88 companies in Goa, mine owners in the coastal state said the order will have a "substantially negative" impact on the industry.

"The impact of the judgement of the Supreme Court is substantially negative on the mining industry and various stake-holders. The order has adverse repercussions on all the stakeholders," mine owners said in a joint statement issued this evening.

The statement was issued by the Goa Mineral Ore Exporters Association and Goa Mining Association that represent mine owners and exporters in the coastal state.

"We would not like to comment on the judgment of the Supreme Court at this point of time," the statement said.

The apex court quashing the mining leases will result in bringing the mining industry to a complete standstill, it said.

In a major decision, the SC quashed the second renewal of iron ore mining leases given to 88 companies in Goa in 2015.

The apex court directed the Centre and the Goa governments to grant fresh environmental clearances to them.

Following the SC order, Goa Chief Minister Manohar Parrikar said there was no need to panic as the order will not come into force from tomorrow onwards.

He said the Goa government would consult legal experts to decide a future course of action.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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