core sector communique

India and Australia Discuss Business in Steel Sector

The Australian High Commissioner to India, Mr. Peter Varghese called on the Union Minister for Steel Shri Beni Prasad Verma in New Delhi on 22nd May. During the meeting bilateral issues related to the steel business were discussed, specific issues related to SAIL and NMDC were also discussed at length. Shri Beni Prasad Verma advised Indian steel companies to explore the possibility of acquisition of coking coal assets in Australia. The Steel Minister urged the Australian High Commissioner to look into problems faced by Indian steel companies scouting for raw material resources in Australia. The Australian High Commissioner agreed to provide all necessary support to Indian companies exploring raw material assets in Australia. Amongst the various issues discussed was SAIL’s demand for Government intervention in certifying force majeure events (natural calamity) declared by the Australian Long Term coal suppliers and NMDC’s call for government support in facilitating talks with owners of Queensland coking coal tenements to undertake mineral exploration. Senior Ministry officials and representatives of SAIL and NMDC were also present during the meeting.