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SAIL to Explore Development of Mines, Steel Manufacturing in Mongolia
05/15/2012 - Indian Maharatna Steel Authority of India Ltd. (SAIL) signed a Memorandum of Understanding with the Ministry of Mineral Resource & Energy of the Government of Mongolia at Ulaanbaatar, for exploring business opportunities in the mining and steel sectors, including a joint pre-feasibility study.
Indian Maharatna Steel Authority of India Ltd. (SAIL) signed a Memorandum of Understanding (MoU) with the Ministry of Mineral Resource & Energy (MMRE) of the Government of Mongolia at Ulaanbaatar, for exploring business opportunities in the mining and steel sectors.
The MoU was signed by H.E. Balkhuu Bataa, Director (Mining & Heavy Industry), Policy Dept., Govt. of Mongolia, on behalf of MMRE, and Rakesh Kulshreshtha, SAIL Executive Director (Corporate Planning), in the presence of SAIL Chairman C.S. Verma, Joint Secretary, Ministry of Steel U.P. Singh, and other delegates from India and Mongolia.
As per the MoU, MMRE will provide information on iron ore and coal deposits in Mongolia to SAIL and will offer options of locations for and size of a steel manufacturing facility for a joint pre-feasibility study. The study for setting up a mineral processing facility for iron ore and coal, both coking and thermal, in Mongolia, and downstream steel making facilities for domestic consumption and trade, will be taken up by MMRE and SAIL.
SAIL will select the best available technology to treat Mongolian iron ore and coal deposits based on the feasibility study. The MoU envisages exploration of opportunities for investments to be made by SAIL either individually or in a consortium with other entities to develop a mineral processing/steel manufacturing facility in Mongolia.
In November 2011, a high-level delegation from Mongolia had visited SAIL's Bhilai Steel Plant and held discussions with officials of SAIL and Ministry of Steel, Government of India.
Verma said that SAIL is happy to be a partner in Mongolia's economic development, and commended the Mongolian government for its initiatives in developing their mining sector, which will serve to be "crucial drivers of FDI" for the country, while also meeting the mineral needs of India and other Asian economies.
MMRE Vice-Minister Ts Garamajav said the MoU is a welcome step in cooperation between the two countries and hoped that the joint feasibility report could help Mongolia set up a mineral processing industry.
