Iron Ore-No Case for Foreign Collaboration

A NEW mining giant has emerged on the west coast of the country. The government has approved the Kudre- mukh iron ore project with an estimated investment cost of Rs 175 . crores. A new company is to be formed with 49 per cent foreign equity participation by three Japanese trading organisations known as 'MOM' and the Marcona Corporation of the US. Apart from the high level of foreign equity participation, the Kudremukh project has many other distinctive features.