Indian Minister of Mines and Minister of Development of the North Eastern Region, Shri B.K. Handique, stated in a written reply in the Indian Council of States today that India has ample resources of iron ore, which can suitably cater to future requirements. India's resources of iron ore are dynamic in nature and are bound to increase with further exploration, he added.
As reported by the Press Information Bureau of the Indian government, the minister said that the total iron ore reserves in the country amount to 7.06 billion metric tons and that the total resources of iron ore were estimated at 25.25 billion metric tons as on April 2005.
According to the same report, the level of steel production and the grade of iron ore, taken for purposes of calculating the resources, are important parameters for determining how many years the iron ore deposits will last. The estimated figures may be from 150 to over 200 years depending on the assumptions made.