[ferro-allloys.com]The Korean POSCO will get soon the mining license of India iron ore, which will offer an opportunity to mine the iron ore for the steel project of the POSCO. The both parties indicated that they would speed up the project progress which has lasted for 8 years.

 

The project planned to invest 12 billion dollars to build the steel factories in India. So far it is the largest project from foreign investment in India. As early as in June, 2005, the POSCO made an agreement to build plants with Odisha, which planned to cover an area of 4004 acres. And the POSCO has sought to obtain 2700 acres of land for the first period. The relevant principal said that if they can get the required land in this year, the first phase of the project will be put into production in 2018.

 

The steel factory planned to produce 12 million tons of iron ore in per year, which accounts for the 16% of the current annual production of 76.7 million tons.