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Friday, March 1, 2024

Karnataka to emerge as largest producer of iron ore in the world: Bommai


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Bengaluru: Karnataka Chief Minister Minister Basavaraj Bommai on Saturday said that the state will emerge as the largest producer of iron ore in the next 4-5 years in the world as a big steel plant is situated in the state.

Speaking at an investor conclave on commercial coal mine auctions and opportunities in the mining sector organised by the Ministry of Coal and Mines, he said Odisha has been a traditional mining state and it cannot be compared with other states and the rules applied there cannot be applied elsewhere.

“Production is possible only from the quality mines which are working in the state. The Ministry of Energy, Mine and Steel must use technology and indulge in the production of the minerals which are in demand,” he stated.

He said a number of companies have submitted proposals to resume mining in Kolar Gold Fields and the government has simplified the mining policy.

The mining companies are welcome to take up mining and help the state to mop up revenue, he said,

Bommai said the formation of mining will teach them the way of exploration and not exploitation.

“They need to maintain a balance between exploration and exploitation and that will help to achieve stability which is very important. We have to bring in stability in this sector and implement the best mining culture. This sector has the opportunity to create 5000 jobs and bring good revenue to the government,” he said.

“At the same time we have to understand the sensitivity in more gold and iron ore mining to achieve stability,” he added.

He said the previous government in the centre prior to 2014, had committed several mistakes which made the Narendra Modi government bring in a new mining policy for the maximum production and brought stability.

“New equipment has come for doing mining in a more transparent and scientific manner. This is the ideal time to take up mining as a profession,” he said.

Bommai said Karnataka has the best mining policy and the government will support the investors in all kinds.

Under the flagship of Union Coal and Mining Minister Pralhad Joshi, the production of coal has increased in the last four years, he said.

It is expected to reach 500 million metric tonnes in the next 3-4 years and the production will start soon, which will help to achieve a five trillion dollar economy, he said.

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