Nalco bags Pottangi mines

After a long wait, National Aluminium Company (Nalco), a navratna company under Union mines ministry has bagged the Pottangi mines in Odisha's Koraput district.

As per a recent order issued by the state steel & mines department, Nalco has been granted the mining lease of Pottangi with an area covering 1,738 hectares for a period of 50 years.

"Now it is Nalco's turn to live up to the expectations of both Centre and state, as also the people of Odisha, through expansion, investment and CSR (corporate social responsibility) initiatives", said T K Chand, chairman cum managing director of Nalco.

The Pottangi mines with 75 million tonne bauxite reserve would feed Nalco's new refinery of one million tonne capacity planned at Damanjodi.

Nalco has firmed up an investment of Rs 5,600 crore for adding a fifth stream to the Damanjodi refinery whose current capacity stands at 2.275 million tonne per annum (mtpa). The expansion plan has already been cleared by the High Level Clearance Authority (HLCA), the highest body to approve investments in Odisha.

Last year, Nalco had submitted Rs 300 crore CSR (corporate social responsibility) package to the state government for the Pottangi deposits. The CSR projects would be implemented at Damanjodi, Angul and other parts of Odisha.

Presently, Panchpatmalli hills with reserves of around 300 million tonne in Koraput district is the only bauxite deposit under Nalco's leasehold. The state government has already extended the validity of this lease till 2020 as per the provisions of the amended Mines and Minerals- Development & Regulation (MMDR) Act.