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Sandur Manganese & Iron Ores Ltd has suspended its mining operations following a directive from the forest department on expiry of its mining leases.
The company said it was however making efforts to “obtain orders’’ for resumption of operations.
In a communication to the stock exchanges, Sandur Manganese said that its mining leases granted for a period of 20 years with effect from January 1, 1994 had expired on December 31, 2013.
It had applied for renewal more than 12 months before the licence expiry and said that it was “entitled to continue its operations under the deemed renewal provisions’’ of the rules in force.
But the company statement said: “Without taking cognisance of the aforesaid deemed renewal provisions, the forest department had directed it to suspend the mining operations with effect from January 1, 2014.’’
Sandur Manganese said that it has “suspended all activities in its mining leases and efforts are being made to obtain orders for resumption of operations’’.
Shares of Sandur Manganese were down by Rs 31.45 or 5.06 per cent at Rs 590 in the morning trade on the BSE.
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