The Hindu : Business : ArcelorMittal gets ore mining lease in Jharkhand

Online edition of India's National Newspaper
Thursday, Jun 12, 2008
ePaper | Mobile/PDA Version

Business

Business

ArcelorMittal gets ore mining lease in Jharkhand

Special Correspondent

To develop a 12-m tonne greenfield steel plant

NEW DELHI: Top global steel producer ArcelorMittal has received a mining lease from the Government for exploiting the Karampada iron ore deposits at Jharkhand.

The Karampada mines, located at West Singhbhum district of Jharkhand with reserves estimated at 65 million tonnes, would be able to meet part of the ore requirements of its proposed greenfield steel project being set up by ArcelorMittal in the State, a company statement said here on Wednesday.

Hailing the allocation of the Karampada deposits on lease, ArcelorMittal CFO and member of the group’s management board Aditya Mittal said: “We are very pleased that the governments of India and Jharkhand have allocated the mining lease in Karampada to the company and reaffirm our commitment to fast track the construction of our new steel plant in the region.”

The allocation of the ore deposits proceeded in accordance with the provisions of the Mines and Mineral (Development and Regulation) Act, 1957, the statement said.

ArcelorMittal had earlier announced that it would develop a 12-million tonnes per annum (mtpa) greenfield steel plant in Jharkhand with an investment of over $10 billion. The iron ore requirement for the integrated steel plant during the first 30 years of its operation was pegged at 600 million tonnes, the statement said. Subsequently, the global steel major had applied for allocation of a lease for Karampada mines and requested the Centre and the Jharkhand Government for necessary support and permission for developing infrastructure in the area.

ArcelorMittal brings together the world’s number one and number two steel companies, Arcelor and Mittal Steel.

Printer friendly page
Send this article to Friends by E-Mail

Business