(RTTNews) - Mining major National Mineral Development Corporation Ltd. or NMDC and Steel Authority of India Ltd. or SAIL Monday inked a memorandum of understanding or MoU to develop a limestone project at Arki in Himachal Pradesh.

The two companies will form a Rs.260-crore joint venture on equal equity participation basis for this purpose, and the production is expected to commence within three years.

The MoU was signed in the presence of Union Minister for Steel Virbhadra Singh, Union Minister of State for Steel A. Sai Prathap, Steel Secretary Atul Chaturvedi, SAIL Chairman S. K. Roongta and NMDC Chairman-cum-Managing Director Rana Som.
The Arki mine has deposits of around 100 million tonnes of quality limestone. The SAIL-NMDC joint venture will develop the mine to produce three million tonnes of limestone annually.

Rana Som said proven reserves of the mine for which NMDC has got mining lease is 90 million tonnes of low silica limestone and 8 million tonnes of dolomite. He said the mines would last for about 50 years.

While the low-silica limestone lumps will be used by SAIL and NMDC as flux for steel making, the fines would be sold in the market. The cement industry has a huge demand for limestone fines.

by RTT Staff Writer

For comments and feedback: contact editorial@rttnews.com