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Miners, steel firms in limbo on tax uncertainty, weak prices
Mint Bangalore
|December 27, 2024
Mining and steel companies are caught between a rock and a hard place.
Mining and steel companies are caught between a rock and a hard place. A lingering concern is that the Karnataka (Mineral Rights and Mineral Bearing Land) Tax Bill 2024—which proposes to impose tax retrospectively from 2005 at rates up to 3x the existing royalty rate—could significantly erode profitability.
The casualties are NMDC Ltd and Vedanta Ltd, the mining companies; and JSW Steel Ltd, which has a large steelmaking facility in Vijayanagar, Karnataka. Since the bill was introduced in the assembly on 16 December, shares of Vedanta, NMDC and JSW Steel have declined by 11.4%, 8.2%, and 8.5%, respectively.
This story is from the December 27, 2024 edition of Mint Bangalore.
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