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India top court rules in favour of POSCO
May 10, 2013, 10:08 am


POSCO is the world’s fourth-largest steel producer [Xinhua]

India’s top Court on Friday gave a green signal to South Korean steel major POSCO to continue with iron ore mining in the eastern Indian state of Odisha.

In 2009 the state government granted a licence to POSCO, in what was the largest foreign direct investment project in India.

Today’s decision overturns an earlier ruling by a lower court to deny mining rights to the multinational firm.

“We welcome the decision. We expect follow-up actions,” a POSCO official in Seoul was quoted by Reuters.

The Kandahar mines in Odisha are estimated to have 600 million tonnes of high grade iron ore deposits.

POSCO’s planned $12 billion project in Odisha is looking to set up two 4 million tonne plants in two phases.

POSCO is the world’s fourth-largest steel producer.

With Inputs from Agencies