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SAIL signs MoU for Indonesian Steel Plant
01/27/2011 - SAIL and International Coal Ventures Private Limited sign a Memorandum of Understanding with the Governor of Central Kalimantan, Indonesia for development of mineral deposits in the province of Central Kalimantan as well as establishment of both a mineral processing facility and a steel plant.
Steel Authority of India (SAIL) and International Coal Ventures Private Limited (ICVL) have signed a Memorandum of Understanding (MoU) with the Governor of Central Kalimantan, Indonesia that provides for development of mineral deposits in the province of Central Kalimantan as well as establishment of a mineral processing facility and a steel plant plus required infrastructure.
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ICVL — International Coal Ventures Ltd. — is a joint venture of SAIL, Coal India Limited (CIL), Rashtriya Ispat Nigam Limited (RINL), NMDC Limited (NMDC) and NTPC Limited (NTPC).
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Development would support the economic development of the Province while also meeting the coal requirements of International Coal Venture Ltd. (ICVL) promoter companies through mutual partnership. While the province will provide ICVL with necessary maps and licenses, ICVL will undertake preliminary survey and exploration activities to find the location and suitability of the quality of minerals and the size of reserves both for domestic use in Indonesia and for exports. A techno-economic feasibility study will be undertaken jointly by the two institutions to explore construction and development of mineral processing facility and steel plant of suitable capacity in the region.
“Indonesia is rich in coal and other minerals, we can see great cooperation between India and Indonesia to explore opportunities for processing of iron ore and other minerals,” said H.E. Susilo Bambang Yudhoyono, speaking on the occasion.
Mr Anand Sharma hailed the MoU as a ‘significant and defining relationship’ between the two institutions. He invited close cooperation in multilateral forum between India and Indonesia, recognizing the latter as ‘a growing hub of economic activity’.
Underlining the importance of the deal, Mr C.S. Verma said, “The MoU marks the beginning of our mutual intent for long term engagement with each other in the area of economic cooperation between both the institutions”.
The MoU, which was signed by Chairman of Maharatna SAIL and ICVL Chairman C.S. Verma as well as H.E. Mr Agustin Teras Narang, is considered a vital step forward in capitalizing on the synergies between the two institutions for mutual benefit and growth. It is hoped that this will be a beginning of a long-term collaboration for efficient execution of sustainable projects.
