Business Standard
November 2009

The state-owned KIOCL Ltd (formerly, Kudremukh Iron Ore Company Ltd) is trying to extend its life further after its captive mine was shut down from January 2006 following a Supreme Court order. With its proposed merger with NMDC falling through, the company is making all out efforts to secure a fresh mine in Karnataka to survive.

In an interview with Mr Mahesh Kulkarni of Business Standard, KIOCL CMD Mr K Ranganath said that while attempts are on to secure captive mines, the company will continue to source iron ore from NMDC to keep its pellet plant running.

Q - With the government shelving its plans to merge KIOCL with NMDC, and without having your own captive mines, how will you survive?

A - The merger with NMDC has not happened and we will continue to be an independent company like before. We will continue to procure iron ore from NMDC at the present market prices, until we are allotted captive mines. Presently, we buy iron ore fines from NMDC at long term prices, which work out to INR 1,663 per tonne of iron ore fines. Meanwhile, we are making efforts to secure another captive mine in north Karnataka.

To read the full interview, please visit
http://steelguru.com/interview/detail/22/Roadmap_for_KIOCL.html