Source - CNBC-TV18

Monnet Ispat recently received the forest clearance for the Utkal coal block in Orissa and the company now has set the target for March to start mining. In an exclusive interview to CNBC-TV18, Mr Sandeep Jajodia executive vice chairman and managing director said that the company plans to mine about 3 million tonnes from Utkal. He said that "Also, we will mine 5 million tonne from Madakini block which is close by to fuel our 1,050 megawatt power plant.”

Despite the negative global cues he said that going forward the company is looking forward to a good time in steel business. He added that "A lot of projects are held up but they should come along. Considering all the factors, steel should behave better and come October the prices should start looking up.”

Q - When are you expecting to start production now that you have received the environment clearance at the Utkal coal block in Angul in Orissa? How much are you planning to produce from there? When does it commence production?

A - We received the environment clearance about two years ago and we recently received the forest clearance as well. There are few formalities left where we just got assigned the mining lease and get the approval from the director general of mine safety. It is a small clearance that we are awaiting and which is going to be done towards the end of the calendar year. Therefore, March is the target month where we start mining and we plan to do about three million tones out of that mine. We have got another mine close by, which is called Madakini where we will do 5 million tonne. Therefore, we want to fuel our 1,050 MW power plant coming up there.

To read full transcript, please visit www.steelguru.com