Financial Daily from THE HINDU group of publications
Saturday, Aug 27, 2005
Financial Daily from THE HINDU group of publications Saturday, Aug 27, 2005 |
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PSU Industry & Economy - Minerals `PSUs first' for iron ore mining leases, says panel Ambarish Mukherjee
New Delhi , Aug. 26 PUBLIC sector companies should be given first priority for allocation of iron ore mining leases. This has been recommended by the R.K. Dang committee set up by the Ministry of Steel to frame guidelines for allocation of iron ore mining leases. The committee submitted its report to the Minister for Steel, Mr Ram Vilas Paswan, on Friday. The report said that since iron ore mines are national properties and the President technically owns public sector companies, the first priority for allocating iron ore mining leases should be given to public sector companies. Second in order of priority must be the integrated steel producers because they contribute towards employment and the economyWith regard to global giants such as Posco and the Mittals that have evinced interest in setting up steel plants, the committee believes they should be treated as a special category because foreign direct investment is also welcome to meet the target of producing 110 million tonnes of steel by 2020. Other companies seeking such mining leases should come fourth in the priority list, the report said. The committee has also suggested ways to amend the Mining and Mineral Development and Regulation Act 1957.
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