Iron ore summit calls for expert panel to reassess resources

Bangalore, Nov 14 (UNI) The two-day Iron Ore Summit today called for setting up a task force of experts to re-assess the iron ore resources existing in the country at different cut off grades.

Briefing newspersons after the summit, Federation of Indian Mineral Industries President D K Sahini said Indian ore resources had increased from 17.56 billion tonnes to 25.25 billion tonnes at the cut off grade for estimating haematite resources taken at 55 per cent and above. It was quite obvious that the country had enough resources to meet the increasing domestic demand as well as to export, he felt.

He said the production capacity of non-captive mines was not being fully utilised. The contribution of stand alone mines was 75 per cent of the total production of 155 million tonnes during 2005-06.

It was therefore necessary that no new captive mine should be given any existing or perspective steel plants till the surplus capacity in non-captive mine was fully utilised. The export avenue should not be totally switched off as it provided cushion against fluctuations in domestic market or vice versa, he observed.

China, whose global crude steel production share rose to 33 per cent, continued to be the driving force for the world iron ore industry. China imported 92.2 million tonnes in the first quarter of 2006, of which India's share was 68.55 million tonnes, he added.

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