It's reported that Vishwapati Trivedi, India's mining minister said on September 4th that the Mining Ministry is drafting the proposal to cut iron ore export duties and rail freight, in order to promote the exports of the steelmaking raw materials.
Due to Karnataka mining ban, higher transportation costs and export tax increase from 20% to 30% since December 30, 2011, India's iron ore exports dropped to 61.8 million tons by end March of fiscal year 2012, down by more than a third y-o-y.
A day earlier, the Supreme Court of India lifted the ban on iron ore mining in Karnataka.
Trivedi also indicated the reduction in the export tax rate will be very soon, though not mentioned exact date.
In addition, Trivedi said, in the winter session of the Indian Parliament, they will launch a new draft mining law aiming to simplify rules and improve the land acquisition program to attract mining investment