- Balvinder Kumar, Mines Secretary, said that the first phase of auction will be held for 80 mines including limestone, gold and about 20 iron ore mines and will be started by October or November.
- India is third-biggest iron ore exporter but due to controversy over illegal allocation of resources, country now imports the steel making ingredient due to a court-led restriction on illegal mining
- The government is expecting 300 million tonnes by 2025 from mine sales decreasing its dependency on ore imports.
- In last fiscal year, India produced 136 million tonnes of iron ore.
- Southern state of Karnataka possess high-quality iron ore mines and greatly benefit local steelmakers like JSW Steel.
- Because of all kinds of clearances: forest, environment, from pollution control board are need , the mining process takes two to three years.
- India’s new law to auction mines instead of handing them over to private firms could prompt South Korea’s POSCO to scrap plans for a $12 billion steel project it agreed to set up in India a decade ago.
As a joint venture Odisha’s state mining company can be allotted a mine from which can be sent to POSCO but POSCO wants to see the details first