November 16, 2018 / 10:11 AM / in 7 months

BUZZ-India's NMDC hits near 4-mth low as Karnataka warns to cancel mine lease

** Shares of India’s biggest iron ore miner NMDC Ltd fall as much as 7.5 pct to 99.2 rupees, their lowest since July 25

** The state government of Karnataka warns co it will cancel the lease of its Donimalai iron ore mine if the state-owned miner refuses to pay 80 pct premium on sale of ore

** Stock marks its sharpest intraday pct fall since Aug. 9

** Mine produces roughly 6 mln tonnes/annum, so every year loss to state govt would be 20 bln rupees - Karnataka mining secy tells Reuters over phone

** NMDC will lose as much as 10 bln rupees ($139.35 mln) or almost 10 pct of its annual revenues if Karnataka doesn’t reverse its decision to charge premium on iron ore sold, co said in letter to the state govt on Nov. 1

** The mine primarily supplies ore to India’s biggest domestic steelmaker JSW Steel Ltd

** JSW Steel shares drop as much as 3.6 pct in biggest daily fall in three weeks

** About 9 mln NMDC shares change hands, vs their 30-day moving avg of 3 mln shares

** NMDC stock down 22.2 pct this year as of last close

$1 = 71.7600 Indian rupees

0 : 0
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