SAIL to invest Rs 5000 cr in developing new mines

KOLKATTA: Steel Authority of India Limited (SAIL) plans to invest around Rs 5000 crore for developing new mines in the four mining blocks of Orissa, Jharkhand and Chhattisgarh.

The four blocks are located at Chiria, Gua, Kiriburu and Meghahatuburu in Jharkhand, Taldih and Bolani in Orissa, and Rowghat in Chhattisgarh, SAIL's Raw Materials division Executive director M Roy told reporters today.

SAIL would also invest in beneficiation plants for pelletisation, he said, adding investments would be made till 2011-12.

While Mecon is preparing the feasibility report for one of the mines, SAIL would float a global tender for others.

Besides increasing production from the existing mines, SAIL would open up new mines and blocks, Roy said.

Production of iron ore, from new mines and blocks, would be in the region of 23.5 million tonne per annum, he said.

These initiatives would help SAIL in meeting the company's future requirements till 2012, he added.