The Orissa government, in a meeting held on 17
June 2005, approved Pohang Steel Co's (Posco) demand of swapping small
quantities of Indian iron ore with Brazilian counterpart. This is a favourable
augury for the long-pending MoU that is now expected to be signed on 22 June
2005.
Here is a brief chronology of the iron ore swap
issue.
- Posco demands 1 billion tonnes of iron ore for
its proposed 12 million tpa steel plant
- Orissa government scales down iron ore
linkages to 600 million tonnes, enough for a 12 million tpa plant for 25
years
- Posco requests permission to export 30 per
cent of Indian iron ore (that has high alumina content) in exchange of an
identical quantity of imported Brazilian ore.
- Orissa government refuses, keeping the
limit to 15 per cent
- Orissa government relents to Posco's demand
and permits 30 per cent swapping of Indian iron ore
Also See:
Posco
MoU likely on 22 June 2005 (16-Jun-05)