It is reported that state owned KIOCL Ltd is looking at iron ore mines in Africa as part of its expansion plans and to address its resource security.

Mr K Ranganath CMD of KIOCL Ltd said “It is in a preliminary stage. We have received some proposals from owners of land in Mozambique that contain magnetite deposits. We are sending a team of officials next week to look at these deposits.”

He was speaking to reporters after the Steel Minister Mr Beni Prasad Verma reviewed the company quarterly performance. Further, Mr Ranganath said the company proposed expansion plans in India have taken a back seat in the aftermath of disruption of iron ore supplies from NMDC following the ban on mining in Bellary.

The company was looking to set up ductile iron spun pipe plant and install a coke oven battery besides setting up an integrated steel plant.

KIOCL relies on NMDC for its iron ore supplies which are converted into pellets at its plant in Mangalore. Despite the challenges on the raw material supplies, the company produced 0.396 million tonnes of pellets against the targeted 0.516 million tonnes.

(Sourced from www.thehindubusinessline.com)