MMTC comes forward to help export Goa's ore for better price

GOANEWS DESK, PANAJI | 16 September 2015 20:41 IST

Minerals and Metals Trading Corporation Limited, India’s largest exporter of minerals from India, has assured to dispose off Goa’s iron ore lying at different places and market it at best possible price in the international market.

MMTC Chairman Ved Prakash, along with his team of officers, personally met Goa chief minister Laxmikant Parsekar today to congratulate him for his efforts to revived Goa’s mining.

MMTC, a public sector unit under Ministry of Commerce of Government of India, has been exporting various minerals for the last five decades, including high grade iron ore above 64% Fe.

Prakash has volunteered its services to export large chunk of iron ore lying at various operational areas like mines, jetties and the ports.

He also assured to offer its service for facilitating marketing of Goan iron ore at best possible price in international market in a very transparent and time bound manner.

Goa is presently struggling to e-auction the iron ore extracted illegally and seized by the government, but has not been finding takers.

Out of 15 million tonnes in the possession of the government, hardly 6.5 MT has been auctioned so far.

Mining lease holders are also not coming forward to extract ore as prices have literally crashed in the international market, especially the low grade ore which Goa mines.

Goa CM Parsekar has requested MMTC to officially submit a proposal so that Goa could move fast in selling its iron ore.

MMTC, established in 1963, is one of the two highest foreign exchange earners for India and a leading international trading company with a turnover of around US$ 5 billion.

Prakash was today accompanied by his Chief General Manager P K Das, Additional General Manager A F Sequeira and former MMTC official K A Narasimhan.

Along with CM Parsekar were Goa’s Chief Secretary R K Srivastava, Director of Mines and Geology and Prasanna Acharya.

With its comprehensive infrastructural expertise to handle minerals, MMTC provides full logistic support from procurement, quality control to guaranteed timely deliveries of minerals from different ports, through a wide network of regional and port offices in India, as well as international subsidiary.

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