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MoU signed to explore iron ore deposits
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31 Jan 2010
A Memorandum of Understanding (MoU) was signed today between the National Mineral Development Corporation (NMDC),
Andhra Pradesh Mineral Development Corporation (APMDC) and Director of
Mines and Geology for exploration of low grade iron ore deposits in
Kadapa, Kurnool, Chittoor and Karimnagar districts.
The MoU will also enable the participating corporations to carry out exploration of gold reserves in these districts.
In the presence of Chief Minister K Rosaiah and Union Minister of State
for Steel A Sai Pratap, NMDC Chairman and Managing Director Rana Som,
APMDC Vice-Chairman and Managing Director Praveen Prakash and Director
of Mines and Geology VD Rajagopal signed the pact. The officials hope
that about 200 million tonnes of iron ore reserves worth Rs 40,000
crore are available in the four districts. As per the MoU, APMDC and
NMDC will form a joint venture company on a 50-50 sharing basis to
explore iron ore desposits and also gold reserves.
The Director of Mines and Geology will carry out investigations with
the financial support of both the Corporations. According to the
officials, the State Government will earn Rs 4,000 crore towards
royalty in iron ore exploration and another Rs 17 crore in gold
exploration. The MoU was signed with an objective to get low grade iron
ore reserves in large quantities for marketing and also to generate
revenue and employment.
Speaking on the occasion, Rosaiah asked the officials concerned to
speed up mineral exploration and wished that the mining activities will
not only generate employment for youth but also earn good revenue for
the State. He wanted the officials to use the iron ore excavated from
the deposits in the State. Minister for Mines and Geology B Srinivasa
Reddy, Minister for Roads and Buildings G Aruna Kumari, several
legislators and officials were present.
Source: Express Buzz
