Stung by curbs, Indian iron ore companies throw in towel

Codli Village, INDIA/SINGAPORE (Reuters) - Top Indian trader MMTC's (MMTC.NS) $80 million iron ore export terminal, ready since 2010, has never handled a cargo. Bans on iron ore mining and exports in India's top producing states of Karnataka and Goa have choked the industry so hard that MMTC is one of many firms exiting. Even if efforts to fully lift the bans make it past the many bureaucratic and legal hurdles, iron ore miners do not expect complete resumption of production until late 2014. The bans, put in place as the government tried to clamp down on illegal mining, have cut India's iron ore exports by around 85 percent, or 100 million tonnes, over the past two years.

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