Stung by curbs, Indian iron ore companies throw in towel

Stacked rolls of iron coil at a railway yard in the northern Indian city of Chandigarh. Bans on iron ore mining and exports in India's top producing states of Karnataka and Goa have choked the industry so hard that top Indian iron trader MMTC is one of many firms exiting - Reuters.

INDIA/SINGAPORE: Top Indian trader MMTC's US$80mil iron ore export terminal, ready since 2010, has never handled a cargo. Now the company wants to spend US$16mil to convert the terminal to ship coal.

Bans on iron ore mining and exports in India's top producing states of Karnataka and Goa have choked the industry so hard that MMTC is one of many firms exiting. Even if efforts to fully lift the bans make it past the many bureaucratic and legal hurdles, iron ore miners do not expect complete resumption of production until late 2014.