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Steel Authority of India Ltd (SAIL) plans to develop iron ore and coal mines in Mongolia in collaboration with the local government.
A memorandum of understanding was signed by SAIL on Friday with the Mongolian Ministry of Mineral Resource and Energy (MMRE) to explore business opportunities in the mining and steel sector.
As per the MoU, MMRE will provide information on iron ore and coal deposits to SAIL and will offer options of locations and size of steel manufacturing facility for pre-feasibility study, a SAIL statement said.
A joint pre-feasibility study for setting up of mineral processing facility for iron ore and coal, both coking and thermal, in Mongolia, and downstream steel making facilities for domestic consumption and trade, will be taken up by MMRE and SAIL.
SAIL will select the best available technology to treat Mongolian iron ore and coal deposits based on the feasibility study. The MoU envisages exploration of opportunities for investments to be made by SAIL either individually or in a consortium with other entities to develop mineral processing/ steel manufacturing facility in Mongolia, the statement said.
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