Talk:Kudremukh Iron Ore Company

KIOCL Ltd , a wholly owned Government of India Enterprise, was established in 1976 to develop the mine and plant facilities to produce 7.5 million tonnes of concentrate per year. The mine and plant facilities were commissioned in 1980 and the first shipment of concentrate was made in October 1981. A pelletisation plant with a capacity of 3 million tonnes per year was commissioned in 1987 for production of high quality blast furnace and direct reduction grade pellets for export. Legend and wild beauty, Kudremukh, in the State of Karnataka, is known to have one of the largest deposits of iron ore in the world.

The idea of beneficiating the ore deposits was first proposed when several Japanese companies came together with the National Mineral Development Corporation (NMDC), a Government of India undertaking, evincing an interest in such a project. Pilot studies suggested that the surface ore with 38% iron could be enriched to a concentrate of 67% iron with available new technologies. The concentrate could be transported to Mangalore, on the coast of the Arabian Sea, 110 k.m. to the west of Kudremukh. But global steel industry went into decline in the late sixties. The Japanese withdrew. Interest was revived in early 1970 when Iran drew up its plans for an ambitious domestic steel industry and was looking for a reliable supplier of iron ore. Kudremukh seemed ideal, abundant and just across the sea and an agreement was reached.

Initially Iran agreed to finance the project in the form of US $630 million loan. 150 million tonnes of concentrate was to be delivered over a 15 year period. The company was formed in April 1976. The 7.5 million ton annual capacity project was to be completed in August 1980. Shipments were to commence in September 1980.

A 110 km road through ghats was built, and a slurry pipeline to Mangalore port, the port itself had to be deepened. KIOCL delivered the project, in time, within the estimated cost. But Iran did not lift the ore due to the changed political situation. Hence KIOCL had to look for alternate markets.

Iron ore trade in the world is fiercely competitive. KIOCL has now established itself as a reliable supplier of iron ore concentrates and iron oxide pellets for many a discerning customer in the international market. On account of the marketing acumen and crisis management skills of KIOCL the company could adapt itself admirably to the changed market situation caused by loss of the Iranian market.

KIOCL's products are now exported to China, Japan, Iran and Taiwan in the international market besides catering to a number of consumers in the domestic market such as Ispat Industries, Vikram Ispat and Jindal Vijayanagar Steel Limited. — Preceding unsigned comment added by Ca.laxminarayana (talk • contribs) 17:11, 9 November 2013 (UTC)

Lacking citation.

"There is a plan to merge with NMDC and the issue is under consideration with Ministry of Steel(as per Indian express date 10.09.2014".

Provide a reference to the source. Krishnakulkarni36 (talk) 08:56, 24 June 2017 (UTC)

Hi, I removed the whole sentence as the merger plan was not executed. Some archived/cached sources are available but the whole bit is old news.--Micraboy (talk) 09:01, 16 October 2017 (UTC)