A senior official of Rio Tinto India stated today that they are in discussions with an Indian company for developing iron ore mines. Rio Tinto founded in 1873, is a British-Australian, world leading mining and resources company headquartered in London and Melbourne.
Iron ore is an important raw material used in making steel and it is expected that the demand for steel in India will grow in double digits fueled by huge investments in the construction, infrastructure and automobile industries.
Mr.Siddharth Jain, general manager, iron ore, Rio Tinto India said "We are very keen to have iron ore operations in India". He did not divulge details of the Indian company.
Mr.Jain also added that they are re-negotiating an agreement signed in 1995 with Orissa Mining Corporattion (OMC) in which the orissa government holds 49% while Rio Tinto holds the other 51%.
The JV would begin mining operations in the Keonjhar district in Orissa within 20 months of signing the final agreement, Mr.Jain added.
