India calls reports on scrapping iron-ore mining deal in Afghanistan as baseless

Published: May 25, 2015 18:30

Save

The Indian Ambassador to Afghanistan, Amar Sinha, has declared that the media reports regarding scrapping of the multi-billion iron ore mining deal in Afghanistan are ‘baseless’.

Author: Paul Ploumis25 May 2015 Last updated at 07:04:11 GMT

NEW DELHI (Scrap Monster): The Indian Ambassador to Afghanistan, Amar Sinha, has declared that the media reports regarding scrapping of the multi-billion iron ore mining deal in Afghanistan are ‘baseless’. He confirmed that the meeting held recently had only analyzed the project’s potential and opportunities. Earlier media reports had suggested that the Indian consortium led by Steel Authority of India (SAIL) has backed out of the Afghanistan mining project.

Dismissing the media reports, Amar Shah tweeted “Not correct. Meeting only did a SWOT analysis of opportunities and strengths. No decision of this sort.’

Meanwhile, the project conceived in 2011 has not made further progress. The SAIL-led consortium, AFISCO had then announced that $10.8 billion will be invested towards construction of necessary infrastructure. The consortium had also promised setting up of 6.2 mtpa steel plant in two phases and an 800 MW power plant.

Hajigak Mine, the best known and largest iron oxide deposit in Afghanistan is located at Hajigak in Bamyan Province. It is also Asia’s biggest untapped iron ore deposits. The deposit itself stretches over 32 km and contains 16 separate zones, up to 5 km in length, 380 m wide and extending 550 m down dip, seven of which have been studied in detail. The ore occurs in both primary and oxidized states. The primary ore accounts for 80% of the deposit and consists of magnetite, pyrite and minor chalcopyrite. The remaining 20% is oxidized and consists of three hematitic ore types.

India iron ore

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

14 hours ago

Fed Governor Milan Pushes for Over 100 Basis Points Cut, Contradicts Barkin on Caution

Federal Reserve Governor Milan pointed out that it is necessary for the US Fed to cut interest rates by more than 100 basis points this year. At the same time, he is very much looking forward to the performance of Kevin Warsh as Fed Chairman. However, Richmond Fed President Barkin emphasized that monetary policy must remain cautious until inflation fully pulls back to the target level, thereby ensuring the stability of the labour market.

14 hours ago

Democratic Senators Demand Delay in Fed Nomination Amid Criminal Investigation

All 11 Democratic members of the US Senate Banking Committee jointly sent a letter to the committee's chairman, Tim Scott, requesting that all nomination processes for the prospective Fed Chairman, Kevin Warsh, be postponed until the criminal investigation into current Fed Chairman Powell and other board members is concluded. However, Scott stated that Warsh's confirmation was a done deal.

14 hours ago

Fed to Keep Large Banks' Capital Levels Unchanged, Postpones Stress Test Reforms Until 2027

The US Fed has announced that it will maintain the capital levels of large banks unchanged during the upcoming stress test cycle (corresponding to the 2026 cycle). At the same time, the US Fed is planning multidimensional reforms to this annual test, aiming to enhance its transparency. The US Fed's Vice Chair for Supervision, Bowman, revealed that adjustments to the stress capital buffer requirements for large banks will be postponed until 2027. This move is intended to provide the US Fed with sufficient time to evaluate potential flaws that may be exposed in its testing models when assessing banks' financial conditions under simulated economic downturn scenarios.

14 hours ago