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Karampada Iron Ore Resource Allocated for ArcelorMittal’s Jharkhand Steel Plant
06/12/2008 - The Governments of India and Jharkhand allocate a mining lease for the Karampada iron ore deposit to ArcelorMittal for use in the integrated steel plant it is planning to build in Jharkhand.
ArcelorMittal welcomes the allocation by the Governments of India and Jharkhand of a mining lease for the Karampada iron ore deposit. The company will use the ore for its planned integrated steel plant, which will be based in Jharkhand.
The Karampada iron ore deposit has estimated reserves of 65 million tonnes of iron ore. The allocation has proceeded in accordance with the provisions of the Mines & Mineral (Development & Regulation) Act 1957.
“We are very pleased that the Governments of India and Jharkhand have allocated the mining lease in Karampada to the company and reaffirm our commitment to fast track the construction of our new steel plant in the region” said Aditya Mittal, CFO and member of ArcelorMittal’s Group Management Board.
“ArcelorMittal is committed to ensuring this site is developed in accordance with its worldwide Corporate Responsibility strategy, which focuses on the socio-economic and cultural development of the communities in which it operates.” he stated.
The Karampada deposit will be sufficient to meet part of the iron ore needs of the new integrated steel plant the company has planned to construct in Jharkhand. The previously announced greenfield integrated steel plant will have a capacity of 12 million tonnes of liquid steel production per year in Jharkhand. The total aggregate investment in the plant will be in excess of US $10 billion and will require an iron-ore allocation of 600 million tonnes over 30 years.
ArcelorMittal is the world's largest and most global steel company, with 310,000 employees in more than 60 countries. The company leads a number of major global markets and boasts leading R&D and technology, as well as sizeable captive supplies of raw materials and solid distribution networks. An industrial presence in 28 European, Asian, African and American countries exposes the company to key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
ArcelorMittal’s key financials for 2007 show revenues of USD 105.2 billion, with a crude steel production of 116 million tonnes, representing around 10% of world steel output.
