NEW DELHI The Orissa High Court on Friday allowed Jindal Steel and Power Ltd (JSPL) to move iron ore stockpiles from a mining facility in Odisha state for use at its nearby pellet plant.
JSPL had been using ores from the mine in the state for its steel mills until two years ago when the Supreme Court ordered the closure of nearly half of Odisha's mines because of the non-renewal of long-term leases.
The company argued in the Orissa High Court it had already paid the royalty for the iron lying at the dispatch point of Sarda mine.
A JSPL spokesperson said the Orissa High Court's order would allow the company to transport iron ore fines to their pellet plant at Barbil.
The company will be able to move more than 12 million tonnes of ore from the Sarda mine following the court order and, according to an Odisha mining official, would not have to make a purchase for at least two years.
Earlier this month, JSPL said financials had been affected due to the cancellation of coal blocks by the Supreme Court.
JSPL shares rose as much as 12.7 percent before closing 10.6 percent higher at 66.65 rupees.
(Additional reporting by Sankalp Phartiyal; Editing by Subhranshu Sahu and Keith Weir)
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Published Date: Apr 08, 2016 23:15 PM | Updated Date: Apr 08, 2016 23:15 PM