India grants mining lease to ArcelorMittal

Brussels: ArcelorMittal, the world’s largest steelmaker, said it had been granted a mining lease to secure iron ore for a steel plant it is building in the Indian region of Jharkhand.

“We are very pleased that the governments of India and Jharkhand have allocated the mining lease in Karampada ... and reaffirm our commitment to fast track the construction of our new steel plant," ArcelorMittal Chief Financial Officer Aditya Mittal said in a statement.

The Karampada deposit has estimated reserves of 65 million tons of iron ore, ArcelorMittal said.

ArcelorMittal previously said it would build an integrated steel plant with a capacity of 12 million tonnes of liquid steel production per year, for an investment of over $10 billion.

It will require an iron ore allocation of 600 million tonnes over 30 years.

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