Sandur Manganese gets 'mined'

Mining stocks are all up in the green – Sesa Sterlite, Sandur Manganese and Kalyani Steel.

Sandur leads the pack, currently up over 4% at Rs.647.70, with volumes surging over 2 times. Its intra day high is at Rs.665.

These stocks are up, reacting to the nod go-ahead given by the Supreme Court to resume iron ore mining in Karnataka. This approval was given by the Court’s Monitoring Committee, ending almost 8 months of uncertainty even after the court had cleared mining operations for 'A' and 'B' category mines in the state. This comes as a big relief as operations have come to a complete halt since July 2011, when mining was banned due to allegations of a scam.

Sandur Manganese mines are located 30 km from its 12 million tonne Vijayanagar plant in Karnataka and it had permission to produce 1.6 MTPA of iron ore and 0.6 MTPA of manganese before the ban.