Sharma Finds No Reason To Snap Iron Ore Export Ties With Japan.

Arguing that India has adequate iron ore amounting to exportable surplus, commerce minister Anand Sharma shot down steel ministry’s opposition to renew NMDC’s long-term agreement (LTA) with Japanese steel mills for exporting iron ore for another five years.

Delving at length on the issue of mandating National Mineral Development Corporation to renew its five-year LTA which expires on March 31 this year, Sharma said that Indian steel utilities don’t have adequate capacity to utilise the existing produce and there was no question of snapping the export ties.

“The issue is, we cannot stop iron ore mining nor can we stockpile it as it could unleash environmental hazards, Besides, the GoM constituted for the purpose has categorically ruled against discontinuing exports to Japanese Steel Mills (JSMs),” the commerce minister pointed out.

When asked when does the government intend to finalise the much-touted manufacturing policy, Sharma said his ministry has recently concluded stakeholder consultations and inter-ministerial consultations.

Source : indianexpress.com