Neha Arora
12K posts
@neha_5
Metals & Mining correspondent @Reuters. Likes/RTs/tweets are personal. For news tips: [email protected]
India to import record 2.5 million tons of urea at nearly double price paid two months ago reuters.com/world/india/in…
It is the dream of our Prime Minister to produce 300 million tonnes of steel in India. For this, we need 800 million tonnes of Iron Ore. At our current production level, we will have to import 75% of our iron ore requirement. Globally, just 4 or 5 companies like Vale, BHP, Rio Tinto and Fortescue produce 70%-80% of the world’s iron ore. We also have no option but to have 3 or 4 companies which can each make 200-300 million tonnes. This sector requires a very big expenditure on infrastructure. In my estimate, it will take an investment of $20 billion - $25 billion or more. If we go about it in a simple manner, we can achieve our Prime Minister’s goal of atmanirbharta. India’s geology and quality of ore are same or even better than where/what the companies above are producing. The world is moving very fast to make simple production of minerals and hydrocarbons. Because it is the need of the hour. You may have seen the US Government has just announced that clearances are self-certified for increasing oil and gas production. Below-the-ground requires a big vision, like our PM's. Globally, we have also seen massive job creation in this sector and the well-being of people goes up where companies go for voluminous production. #DeshKiZarooratonKeLiye
