SAIL, ICVL ink MoU with Indonesia for mineral deposits, setting up steel plant
merisarkar news service, New Delhi, January 25, 2011
CS Verma with Agustin Teras Narang
Steel Authority of India Limited (SAIL) and International Coal Ventures Private Limited (ICVL) have signed a Memorandum of Understanding (MoU) with Indonesia for development of mineral deposits, setting up of mineral processing facility, steel plant and required infrastructure in the province of Central Kalimantan, Indonesia.
The MoU was signed by Chairman of SAIL and Chairman of ICVL C S Verma with Governor of Central Kalimantan, Indonesia, Agustin Teras Narang in the presence of President of Indonesia Susilo Bambang Yudhoyono, Minister of Commerce & Industry Anand Sharma, Minister of State for External Affairs E Ahamed and senior officials of Indonesia Government.
"The MoU envisages setting up of steel plant and mineral processing facility by optimisation of large natural resources of Province of Central Kalimantan, such as coking and thermal coal iron ore and other minerals for economic development of the province and meeting the requirement of coal of the promoter companies of ICVL through mutual partnership," an official release said.
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.
Speaking on the occasion, H E Susilo Bambang Yudhoyono said, ''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.''
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, the latter being 'a growing hub of economic activity'.
