Orissa to re-negotiate with Rio Tinto to exploit iron ore deposits

MUMBAI: The Departments of Law and Finance, Orissa are examining a freshly drafted agreement proposal submitted by Anglo-Australian mining firm Rio Tinto for conducting mining operations in Orrisa.

Orissa Mining Corporation (OMC) had earlier inked a deal with Rio Tinto in 1995 for the exploitation of iron ore deposits in Malangtoli, Orissa. However, the agreement has been re-negotiated now and a new proposal draft has been submitted to OMC for government approval after once being collapsed in 1995.

"In 1995, we had the main agreement for pre-feasibility work with OMC. The subsequent agreement is being re-negotiated and is waiting for government approvals", said, Siddharth Jain, General Manager (Iron Ore), Rio Tinto India.