IMFA To Address Issues At Its Mines, Stock Tumbles 10%

Indian Metals & Ferro Alloys (IMFA), a manufacturer of Ferro Alloys, tumbled 10% at Rs 630, hitting its lower price band for the day. An inspection at its Sukinda & Mahagiri Mines was held on March 22, 2017.  Accordingly, the State Pollution Control Board had issued a notice for some non-compliances at the units.

The company on April 11, 2017 announced that it would reply to the notice sent by the State Pollution Control Board. However, now the consent to operate (CTO) the mines has also been withdrawn. The company said that, though the operations are temporarily halted, its ferro chrome operation would not have any immediate impact.

Sukinda plant is situated at Jaipur, Odisha, and has opencast operating mode; while Mahagiri has both opencast and underground modes. Company's first ever stone blasting in Sukinda valley took place in Mahagiri mines in FY16 that indicated successful underground mining.

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