02 AUGUST 2011ibnlive.in.com
Posco India keeps Orissa waiting
Edited by : AL CIRCLE
1 min read
While Mohanty was tightlipped about the reported reluctance of Posco-India to renew the MoU, sources said that the company was not ready to accept the state government's proposal to exclude the swapping of iron ore clause which was in the original MoU."The Company may swap certain quantities (not exceeding 30 per cent of the total requirement for the Paradip plant annually) of such iron ore which have high alumina content with equal quantity of low alumina content iron ore of equivalent or better Fe content imported for blending, in order to produce better quality steel in the Paradip Project and conserve energy," the lapsed MoU said.Many people including Union Minister Jairam Ramesh had raised objection on the swapping clause in the MoU with the Posco-India.While according final forest cletrance to the Posco project on May 2, Ramesh had said "the MoU had provision for export of iron ore which made me deeply uncomfortable with this project. I would expect that the revised MoU between the state and Posco would be negotiated in such a manner that exports of raw material are completely avoided."
Tagged with:India
Previous article
Vale ADR Representing One Ord Shs (VALE) Given New $42.00 Price Target by Barclays Capital (BCS) Analysts
Next articleTOR Minerals International (NASDAQ: TORM) Earnings Climb 76%
Grow with
AL Circle
