MINERS FROM ODISHA (INDIA) HIKE IRON ORE PRICES BY 6% TO 8%

Merchant miners in Odisha (India) have tinkered with iron ore fines prices, raising it by six to eight per cent. 

The increase has stemmed from the state government's move to collect contribution from the lessees for District Mineral Foundation (DMF) with retrospective effect from January 12, 2015.

According to the guidelines listed in the amended Mines and Minerals Development & Regulation (MMDR) Act, miners who have bagged leases prior to January 12, 2015 would have to fork out 30 per cent of the royalty amount as DMF contribution.