Kolkata: Steel maker Ispat Industries expects supplies of iron ore and coal from its mines in India and abroad in the next two years, a top official said on 28 August.
The firm, prospecting iron ore at mines in Maharashtra, expects reserves there at 80-120 million tonnes, chairman Pramod Mittal told reporters after the annual shareholders meet.
It also sees coking coal reserves at 70 million tonnes at its prospecting site in central Madhya Pradesh state, he said.
Through its units, Ispat has also undertaken iron ore mining in Brazil, and coal mining in Columbia and Mozambique along with firms there, Mittal said.
“We are taking up 20-30% stakes in these international mining ventures.” He did not give details of equity investment in these ventures.
Ispat expects its iron ore mine in Brazil to have an estimated reserve of 300-500 million tonnes. The reserve in coking coal mine in Columbia is estimated at 60-70 million tonnes, Mittal said.
“A part of iron ore and coal obtained internationally may be sold and part may be used for own units.”