SAIL to explore development of mines & steel
manufacturing in Mongolia
Ulaanbaatar, Mongolia: Indian Maharatna Steel Authority of
India Limited (SAIL) today signed a Memorandum of
Understanding (MoU) with the Ministry of Mineral Resource &
Energy (MMRE) of the Government of Mongolia at Ulaanbaatar,
Mongolia for exploring business opportunities in the mining &
steel sector. The MoU was signed by H.E. Balkhuu Bataa,
Director (Mining & Heavy Industry), Policy Dept., Govt. of
Mongolia, on behalf of MMRE and Mr Rakesh Kulshreshtha, SAIL
Executive Director (Corporate Planning), in the presence of
SAIL Chairman Mr C.S. Verma, Joint Secretary, Ministry of
Steel Mr. U.P. Singh and other delegates from India and
Mongolia.
Speaking on the occasion, SAIL Chairman Mr C.S. Verma said
that SAIL is happy to be a partner in Mongolia's economic
development, and commended the Mongolian government for its
initiatives in developing their mining sector, which shall
serve to be "crucial drivers of FDI" for the
country, while also meeting the mineral needs of India and
other Asian economies. MMRE Vice-Minister Ms Ts Garamajav
termed the MoU as a welcome step in cooperation between the
two countries and hoped that joint feasibility report could
help Mongolia set up a mineral processing industry.
As per the MoU, MMRE will provide information on iron ore and
coal deposits in Mongolia to SAIL and will offer options of
locations and size of steel manufacturing facility for
pre-feasibility study. A joint pre-feasibility study for
setting up of mineral processing facility for iron ore and
coal, both coking and thermal, in Mongolia, and downstream
steel making facilities for domestic consumption and trade,
will be taken up by MMRE and SAIL. SAIL, on the other hand,
will select the best available technology to treat Mongolian
iron ore and coal deposits based on the feasibility study.
The MoU envisages exploration of opportunities for
investments to be made by SAIL either individually or in a
consortium with other entities to develop mineral processing/
steel manufacturing facility in Mongolia.
In November 2011, a high-level delegation from Mongolia had visited SAIL's Bhilai Steel Plant and held discussions with officials of SAIL and Ministry of Steel, Government of India.
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