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"Process of clearances and approvals have taken little longer time than what we had expected," Posco India Senior General Manager Vikash Sharan told PTI.
He, however, added that the company has "got strong support from both the Centre and the state, and is hopeful that the clearances will come at an early date".
The Steel Ministry had yesterday convened a meeting of mega investors including Posco, ArcelorMittal and Tata Steel to take stock of the impediments in the way of the proposed projects.
The common concern of the investors, official sources said, was the delay in allocation of mineral-linkages and land acquisition.
Posco needs 4,004 acres for its proposed 12-million ton steel plant in Jagatsinghpur district of Orissa. Of the total land required, 3,566 acre is government land, of which 2,959 is deemed forest area.
Posco's forest diversion plan for the said land has already been approved by Orissa Government and the Ministry of Environment and Forest. It is now awaiting clearance from the Supreme Court.
As for iron ore mines, Naveen Pattnaik's government had recommended prospecting licence of Kandhadar mines to the steel major. However, the licence could not be given to the company as the Centre directed Orissa to listen to all 251 applicants for the said mine before taking a final call.
Hearing of 20 more applicants for the mine is scheduled on July 26.
Kandhadar is estimated to have iron ore reserves of over 150 million tons. Posco has also applied for Thakurani A and outer Malangtoli mines in Orissa to meet its iron ore requirement, which is pegged at 600 million tons for 30 years. Posco plans to bring in its self-developed Finex technology of steel making in Orissa project. The technology is said to be cost-effective with high productivity.
One of the major advantages of the technology is that the flu gas generated as a bi-product of steel through this process, could be used for power generation. With Finex, low grade iron ore fines could also be used for steel making.
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