IDCO signs MoU with IRE to set up a mineral separation plant in Odisha
State owned Industrial Infrastructure Development Corporation (IDCO) has signed a MoU with public sector Indian Rare Earth Ltd (IRE) to set up a mineral separation plant in Odisha’s Ganjam district.
MoU was signed by IDCO CMD Vishal K Dev and IRE CMD R N Patra in the presence of State Industries minister Devi Prasad Mishra in Odisha.
Key facts
- Cost of mineral separation plant in Odisha’s Ganjam district is pegged at Rs 450 crore.
- This project will be implemented through a Joint Venture (JV) Company, promoted by IDCO and IREL.
- IDCOL will have up to 49 per cent equity shareholding and IRE will have of 51 per cent shareholding in this JV Company.
- This project will play important role in mining and separation of heavy minerals like Limonite, Monazite, Zircon, Rutile, Garnet and Sillimanite obtained from sand from different villages along the Ganjam Coast.
- This project also seeks to produce rare earth and thorium compounds from beach sand extracted from Odhisa’s 470 Kms long beach which is mostly untapped .
- It will be implemented in 2 years and after its completion it will create employment opportunity for 400 people.
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Month: Current Affairs - February, 2015