Kolkata, September 23: Mining equipment major Tega Industries has won a significant legal victory for its newly acquired Canadian subsidiary Molycop to halt low cost imports of Chinese grinding media into the market. The Canadian International Trade Tribunal (CITT) has issued a favourable finding in its inquiry regarding the dumping and subsidizing of forged steel grinding media from China. This will allow Molycop to compete in the market in a level playing field, boosting domestic production.
The case has come from concerns that forged grinding media- essential components in the mining processing and mining industries-were being imported into Canada at prices that were significantly below the market values. Following an extensive investigation, the Canada Border Services Agency (CBSA) determined that these imported were harming the local industry, and that its importation was a part of unfair trade practices that impacted Molycop Canada’s competitive position.
Following this finding, the CBSA will now collect anti dumping duties from all forged grinding media imported from China. For Tega Industries, this marks a significant win, as it has gone out of its way for the $1.45 billion it paid to buy Molycop. With grinding media being a high-volume, repeat-purchase consumable critical for copper and gold mineral extraction, protecting this business from subsidized competition remains vital for Tega Industries. This win will help Molycop to continue providing high quality grinding solutions to the mining sector, without worrying about cheap competition that could affect it.
