Speaking on a similar situation to Karnataka mining industry, he feels that capacity restriction clause will not attract more participants to the sector.
Also read: Goa mining sector seeks revival; wants SC to clarify ban
Below is the edited transcript of his interview to CNBC-TV18.
Q: We just heard the Finance Minister (FM) say that the mine ministry will approach the Supreme Court to relax the mining ban in Goa. What is your reaction? What is the situation your company is facing in the state? Have you heard from the government?
A: The move is long over due, but it must happen. It should happen very strongly so that Supreme Court can take a cue. More particularly there are mined out ores lying for last about a year. Those ores should be allowed to be sold, transported or exported. I do not know what gain the country is gaining by just keeping it lying stock piled.
Q: What kind of inventory levels do you have lying? What amount of ore is lying ideal in Goa at this point?
A: At the moment in Goa four to six million tonnes of ore is lying; mined out ore.
Q: Is the situation in Karnataka also worrying you? The fact that the ban has been lifted in Karnataka, but operations are still far from normal and probably the same could happen in Goa even if the mining ban finally gets lifted.
A: I do not want to gaze what can happen in Goa, but in case of Karnataka also Supreme Court has allowed resumption of mining operation category A and category B mines.
There are hardly any significant number of mines have come to the production because either it was economic for many of them or many of them are still entangled into the clearances like Sesa Goa is doing for last three or four months.
The fact remains that although Supreme Court (SC) has lifted the ban in Karnataka for A and B category of mines, due to capacity restriction many of the miners are finding it difficult. They may not come back to the operation at all.
The people like Sesa Goa or about two three more miners they are right now in the process of getting their statutory clearances through. So, the statutory clearance takes its own time in this country.
Q: Could you tell us where things stand as far as the Goa mining case goes legally?
A: Goa mining today right now we do not have any effective hearing for last 10-11 months. This is an interim order, ex parte order by Supreme Court by which this mining suspension was drawn.
I do not know whether in the history of our legal cases there is any ex parte order, interim order, stay order there is not a single hearing, effective hearing date we have got so far.
Q: Post Chidambaram's comments today from your end, are you going to write to the government? Is the Goa government communicating with you on this issue at all?
A: Goa state government has done their their affidavits are there. They have also told that it has to be heard. Goa state government, Attorney General or Advocate General, have gone three or four times to the Supreme Court asking for this matter is urgent, matter has to be heard.
Q: Can you gives us an idea if you are incurring fixed costs irrespective of whether you are mining or not? Some analysts are putting that about Rs 30 crore a month, is that a fair estimate?
A: Sesa Goa's fixed cost is Rs 30 crore which we are incurring and we have not laid off a single employee.
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