Indian Express reported that chances of an early renewal of MoU between the Orissa government and POSCO have brightened with the latter agreeing to delete the iron ore swapping clause.

Minister for Steel and Mines Mr Raghunath Mohanty told media persons that though POSCO has agreed not to insist on the exchange clause in its renewed MoU with the state government, it wants swapping of iron ore within the country.

The minister said POSCO had submitted a proposal to the state for inclusion in the MoU in lieu of the swapping clause.

Optimistic of having a fresh MoU with POSCO soon, Mr Mohanty said the state is examining the company’s term of allowing it to exchange high alumina content iron ore with low alumina content mineral.

Mr Mohanty said that “The state government will soon take a decision on whether to allow POSCO to undertake swapping of iron ore within the country or the state.”

Renewal of the MoU has been delayed because of differences on the swapping clause.

(Sourced from Express News Service, The New Indian Express)