Business Daily from THE HINDU group of publications
Sunday, Jan 06, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Sunday, Jan 06, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Outlook Industry & Economy - Minerals
Phalguna Jandhyala New Delhi, Jan. 5 Public sector steel major Steel Authority of India Ltd (SAIL) is on the look out for new iron ore mines to meet its future requirements. “SAIL has applied for prospecting licences for 5,330 hectares at Karampada and 3,160 hectares at Ankua. It has also applied for mining leases for 202 hectares at Meghataburu-Karampada and 2,580 hectares at Ghatkuri, all in Jharkhand,” an official in the Steel Ministry told Business Line. According to estimates, in the next 50 years SAIL will require around 5.7 billion tonnes of iron ore. The company’s existing mines in Orissa, Chhattisgarh and Jharkhand, including Chiria, can supply only 3.4 billion tonnes of iron ore. Out of the total requirement, in Jharkhand alone the company will require around 3,164 million tonnes (mt) of ore, including 1,600 mt for raising the capacity of Bokaro Steel Plant, 454 mt for enhancing the production of IISCO plant and 1,110 mt for the proposed 12-mt greenfield project in the State. According to the official, if SAIL is forced to lose a part of the Chiria mines, then the major greenfield and brownfield expansion plans of the company could be jeopardised. “The Jharkhand Government has said if the Indian Iron and Steel Company’s (IISCO) plant level of extraction in the past was considered, SAIL would not need entire three billion tonnes of iron ore from Chiria. This argument is baseless as IISCO is now part of SAIL and the latter is executing major expansion plans,” he said. The official added that earlier when IISCO was under BIFR (Board for Industrial and Financial Reconstruction), the utilisation of raw materials was not substantial and the mines were producing only as per the production requirements. More Stories on : Outlook | Minerals | Steel | Steel Authority of India Ltd
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