Friday, May 10, 2013

SC annuls Orissa HC order on iron ore licence to Posco

New Delhi, May 11 2013,:-

Bolstering the prospect of Posco\'s much-awaited preferential access to iron ore for its planned $12 billion project in Orissa, the Supreme Court on Friday set aside a decision that had annulled a recommendation in favour of the South Korean steelmaker. The apex court directed the Centre to consider the approval given by Orissa in favour of Posco.

Posco, the world\'s fourth-largest steel producer, has waited eight years to get necessary clearances, land and an iron ore mining licence to start work on the plant in Orissa. The plant is slated to have a capacity of 12 million tonnes a year.

A bench of Justice RM Lodha and SJ Mukhopadhaya directed the Centre to look into the issue of giving iron ore mining licence to Posco on the basis of the recommendation of the state government under the Mines and Minerals (Development and Regulation) Act.

It referred the matter to the ministry of environment and forests for considering all objections raised by other entities over the allotment of iron ore licence in the Khandadhar hills in Sundergarh district and take a decision afresh after

vetting the issues judiciously.

In its judgement, the apex court also set aside the decision by the Orissa High Court, which had set aside the recommendations made by state government in January 2009 in favour of Posco.

Welcoming Supreme Court\'s judgement, Posco India expressed belief that the verdict would significantly help to expedite the steel plant project and hoped that the Centre would quickly ensure a final decision on the matter. \"We believe that this will significantly help expedite the project. We are happy that it has come at a

time when there has been significant progress on the land clearance work for the project,\" Posco India CMD YW Yoon said in a statement.

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