Sail to invest Rs 1800 crore in Chiria mines

Ranchi, Oct 11: In order to meet the demands of steel at international level, the Steel Authority of India (SAIL) has decided to invest about Rs 1800 crore in world's second rich iron-ore Chiria mines in Jharkhand.

The investment is being done to increase the production capacity of iron ore. At present, Chiria mines produces 6 million tonnes and SAIL is planning to produce 7 million tonnes of iron ore per year.

The Detail Project Report (DPR) in this regard would be prepared soon as the round of talks were on with MECON for preparing the DPR.

Communication head of raw and material division, Kolkata, A K Singh said demand of steel at the international level had increased immensely and to meet the demand SAIL has decided to invest in the Chiria mines.

Mr Singh said here today that the production capacity would be increased by using latest mining techniques and by 2011 it would produce 7 million tonne of iron ore.

Replying to a query Mr Singh said the exercise was being done to be in the market and maintain its 32 per cent share in the international market.

On the issue of providing employment to the locals, Mr Singh said everything would be made clear after the DPR was prepared and the local people would be given priority for employment.

UNI