India grants mining lease to ArcelorMittal

India grants mining lease to ArcelorMittal

ArcelorMittal, the world’s largest steelmaker, said on Wednesday it had been granted a mining lease to secure iron ore for a steel plant it is building in the Indian region of Jharkhand.

“We are very pleased that the governments of India and Jharkhand have allocated the mining lease in Karampada … and reaffirm our commitment to fast track the construction of our new steel plant,” ArcelorMittal Chief Financial Officer Aditya Mittal said in a statement.

The Karampada deposit has estimated reserves of 65 million tons of iron ore, ArcelorMittal said.

ArcelorMittal previously said it would build an integrated steel plant with a capacity of 12 million tonnes of liquid steel production per year, for an investment of over $10 billion.

It will require an iron ore allocation of 600 million tonnes over 30 years.


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