The ban on iron ore mining in Goa, India has been lifted by the country’s Supreme Court, following a mass shut-down of mines in the area in 2012.
90 iron ore mines in Goa were shut down after a government-backed inquiry in 2012 alleged they were illegal and lacked the environmental permission to operate.
Although the ban has been lifted, extraction from these mines has been limited to 20 million tonnes per year and miners will need to renew leases with the government.
The restrictions are said to have cost the state a huge amount, with illegal mining accounting for nearly $6 billion of loss. India’s iron ore exports were cut by 85% over the past two years.
Analysts have cited the ban lifting as being the potential catalyst for a gradual recovery in the sector.