For Q2FY20, production volumes were at 5.0 MT, down 5% YoY, while sales volumes were down 13% YoY to 5.8 MT. As the Donimalai mines were shut, the production volume was adversely impacted compared to Q2FY19. Going forward, we model sales volume of 32 MT for both FY20E and FY21E. Restart of Donimalai mines awaits Karnataka response In September 2019, the Ministry of Mines amended the 'Mineral (Mining by Government Company) Rules, 2015 with regard to renewal of mining leases allocated to government companies. Earlier, the rule 3 (2) stated that if an...