India assigns iron ore mining lease to ArcelorMittal

The world's largest steelmaker ArcelorMittal has announced today that the governments of India and Jharkhand have allocated a mining lease in respect of the Karampada iron ore deposit to the company for its new integrated steel plant to be based in Jharkhand. In addition, ArcelorMittal has reaffirmed its commitment to fast track the construction of the plant in question.
 
Located in the West Singhbhum district of Jharkhand, the Karampada iron ore deposit's reserves ammount to about 65 million mt. Thus, it will allow ArcelorMittal to cover a part of its iron ore needs for the integrated steel plant to be established in Jharkhand.
 
As CFO and member of ArcelorMittal's group management board, Aditya Mittal, stated, "ArcelorMittal is committed to ensuring this site is developed in accordance with its worldwide corporate responsibility strategy which focuses on the socio-economic and cultural development of the communities in which it operates."
 
As previously reported, the new greenfield integrated steel plant in Jharkhand is slated to have an annual production capacity of 12 million mt of liquid steel and is expected to require 600 million mt of iron ore over 30 years. The total investment in the plant will exceed $10 billion.