India has endorsed an iron ore license in Jharkhand state for the world's largest steelmaker ArcelorMittal's Indian operations, the Indian press has reported.
The reports quote Federal Mines Minister Bijoy Krishna Handique as saying that the prospecting license covering three years was approved for 662.95 hectares in the Karampada region of the state. ArcelorMittal is bound to develop the potential of its mining operations with the period of the lease.
Welcoming the granting of the license, ArcelorMittal Group management board member Sudhir Maheshwari said that the move will reaffirm the company's commitment in the region.
ArcelorMittal plans to set up a 12 million mt steel plant in Jharkhand, investing INR 400 billion ($9 billion).