Current Affairs - June 2015

Andhra Pradesh inks MoU with Australian firm for iron ore mining

Andhra Pradesh government has signed a memorandum of understanding (MoU) with an Australian firm for iron ore mining projects in Kurnool and Kadapa districts.

The MoU was inked between Andhra Pradesh Mining Development Corporation and NSL Mining Resources India Pvt. Ltd, a subsidiary of Australian NSL Consolidated Ltd.

As per the MoU, the Australian firm will help in the process of separating the required mineral from extracted ore in order to remove unusable part of low-grade iron ore.

The MoU was signed after Chief Minister N. Chandrababu Naidu met an Australian delegation led by Steven Ciobo, Parliamentary secretary to the Australian trade and investment minister.

Both sides also agreed to collaborate in areas like infrastructure, agro-processing, mining, fisheries, financial services, skill development and opportunities in the capital region.

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Union Cabinet gives nod to revised estimate for East-West freight corridor

Union Cabinet has given to 81,459 crore rupees revised estimate for Eastern and Western Dedicated Freight Corridor (DFC) Project.

Decision in this regard was taken in Union Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi. Cabinet also has given nod to include land costs and financing plan for this for East-West freight corridor.

The revised cost estimate comprises construction cost of 73,392 crore rupees of the Eastern and Western DFC along with additional land acquisition cost of 8,067 crore rupees.

In this revised estimate, the cost of the 534-km Sonnagar-Dankuni section has been excluded as this section is proposed to be implemented through Public-Private Partnership (PPP) route.

Eastern and Western Dedicated Freight Corridor (DFC) Project on completion will pass through 9 states. They are Maharashtra, Gujarat, Rajasthan, Punjab, Haryana, Uttar Pradesh, Bihar, Jharkhand and West Bengal.

This project will significantly help to reduce transportation cost and benefit mines, powerplants and ports present along its route. It will also help to boost trade and industry.

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