Orissa, Rio Tinto negotiating mining joint venture
By IANSTuesday, March 30, 2010
BHUBANESWAR - The state owned Orissa Mining Corporation (OMC) and Anglo-Australian mining giant Rio Tinto are negotiating a joint venture mining project in the state but it will take some more time to finalise it, officials said Tuesday.
Rio Tinto had planned a billion-dollar iron ore project in the state and had signed an agreement with the OMC in 1995. However, the project couldn’t take off as both failed to agree on some key issues.
The state government two months ago granted in-principle approval to start negotiations after the multinational mining group again evinced interest in the project.
“Nothing has been decided yet…. negotiations are on,” OMC’s managing director Saswat Mishra told IANS.
“I think we are not going to sign any agreement with them (Rio Tinto) in next two months at least” he said.
“At this stage, I cannot say if we are going to revive the old agreement or there would be a new one,” Steel and Mines Minister Raghunath Mohanty told IANS.
