The deadliest attack on Indian security forces in four decades of left-wing conflict underscores the challenge companies including ArcelorMittal, Posco and NMDC Ltd face in investing in mineral-rich states.
Apart from the recent increases in the prices of iron ore, that of the other key raw material, coal, has also moved steadily up.
The recent price hike announced by steel producers is not the final one for April, as the industry is expecting another Rs 1,000-per tonne increase by the end of this month.
As part of its overseas expansion plans, state-run miner NMDC, along with two other companies, has submitted a $230-million non-binding bid to buy 70 per cent stake in an Australian mine owned by Perth-based Atlas Iron.
Ishita Ayan Dutt / Kolkata February 18, 2010, 0:38 IST
State-run mining major NMDC is in talks with ArcelorMittal for its proposed 10-million tonne steel plant in Karnataka. NMDC sources claimed there had been preliminary discussions with the steel major for the proposed plant.
Intensifying its efforts to secure a global footprint, state-run mineral giant National Mineral Development Corporation (NMDC) is understood to have signed a confidentiality agreement with ArcelorMittal for jointly developing the latter
Rana Som, chairman and managing director, NMDC ` While firming up of steel price will depend on the pace of economic recovery, the ` Centre's target is produce 110 MTPA steel by '20 ` We intend to expand our exploration activities to acquire more mining leases in India and ` abroad, including for non-ferrous minerals.
