Govt examining iron ore lease grant to South Korea’s Posco
The Centre is examining a proposal for grant of prospecting licence for iron ore to South Korean steel giant Posco for its proposed Rs 52,000-crore steel project, which is stalled for about a decade now. “A proposal for Centre’s nod to prospecting licence (PL) to Posco for iron ore over a notified area of 2082.50 hectares has been received by the Mines Ministry from the Odisha government. The matter is under examination,” informed a Mines Ministry official.
The official said that the Odisha government is still to renew the pact for setting up the plant at Jagatsinghpur district. The pact lapsed as the company has not achieved required milestones for the renewal so far. “We are optimistic about implementation of the project,” Odisha Steel & Mines Minister Prafulla Kumar Mallick told the state Assembly last week.