SAIL controls 40% of India's ore reserves: Minister

Steel Authority of India (SAIL), the country's largest steel maker, has control over 40 per cent of the known iron ore reserves in India, Minister of State for Mines B K Handique told Rajya Sabha today.

"SAIL leases are estimated to include about 40 per cent of the known reserves of hematite (iron ore)," Handique informed Rajya Sabha in a written statement.

The National Mineral Policy 2008 states that exploration in this regard will lead to a reassessment of the country's hematite reserves, it said.

The minister also maintained that the question of reallocation of reserves from the mines owned by SAIL or a leading private steel firm would depend upon examination of resources. India has about 7 billion tonnes of known iron ore reserves.

In a separate statement, Handique said the sectoral regulator, Indian Bureau of Mines, has initiated a study 'Regional Mining Geological Studies' to reassess iron ore deposits in leasehold areas in seven mining belts of the country.

The statement added that the state-run mapping agency, Geological Survey of India, has initiated a number of iron ore investigations in freehold areas in Karnatajam Orissam Chhattisgarh and Jharkhand.