SAIL plans to develop Chiria mines

Ranchi, Apr 06 (UNI) Steel Authority of India Limited (SAIL) has planned to spend Rs 2000 crores to develop Chiria soon after the matter is out of litigation.

SAIL's Director (personnel) Gantantra Ojha told reporters here today that development work would be initiated after the matter was sorted out, which is being sub-judiced at the Jharkhand High Court.

Staking company's claim over Chiria mines, one of Asia's richest iron ore mine, Mr Ojha said few years back advertisements were published for the auction of IISCO including Chiria, but no one turned up for its purchase and was later merged into SAIL.

Mr Ojha further said SAIL also beared IISCO's loss about Rs 910 crores during that period.

Refering to Chiria mines, Mr Ojha said controversy had emerged over the allotment of Chiria mines lease, which would be sorted out through talks.

Mr Ojha said Chiria was an essential part of the company to meet the iron ore requirement for next 50 years.

He said presently about 13000 MT iron ore reserve was available in the country, 45 per cent of which is present in Orissa, Chhattisgarh, and Jharkhand.

He also stressed export of low quality iron ore from the country.

UNI