Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Indonesia is now considering deep cuts to nickel mining quotas as it seeks to boost slumping prices of the metal.
Steel Authority of India Ltd. announced on Thursday that it had received government approval to mine Chiria deposits located in Jharkhand, India.
SAIL describes the deposit as vital for the existing and future expansion plans of the company.
“Over the next 50 years, around 40% of the iron ore requirement of SAIL would be met from the Chiria mines. After depletion of SAIL’s existing mines in the eastern region, the Chiria mines will be the sole source of iron ore for SAIL’s four integrated steel plants located at Bokaro, Burnpur, Durgapur and Rourkela,” said the company in a news release.
Mine development will take about three years and cost $1.1 billion.
“In order to ensure environmental protection, SAIL has decided to carry out only mining and crushing activities in the mines. The iron ore will then be taken out of the forest area through a conveyor system. Such a system will ensure that impact of mining on flora and fauna in the area is zero. In addition, processing, beneficiation, tailing pond blending, stockpiling, railway sidings, infrastructure facilities, township, etc., will be kept outside the lease-hold area at a distance of over 15 kms in non-forested land.”
The state-owned SAIL is one of India’s largest steel makers in India.
Michael McCrae wrote this story. You can contact him at [email protected].
