Date:28/05/2005 URL: http://www.thehindubusinessline.com/2005/05/28/stories/2005052802480300.htm

Back `Mineral ore export will hamper progress'

Our Bureau

Kolkata , May 27

THE ONGC Chairman, Mr Subir Raha, has warned that exporting any kind of mineral ore will , in the long run, hamper the socio-economic development of the country. "Though India is rich in mineral resources, we are yet to take full advantage owing to negligence in adding value to such resources," he said.

Delivering the first centenary lecture of The Mining, Geological & Metallurgical Institute of India (MGMI), Mr Raha said the country had a total of 84 proven minor and major mineral reserves with iron ore commanding about seven per cent share of the global reserves, bauxite about 16 per cent, and manganese about six per cent.

He said oil and natural gas were at present playing a crucial role in the country's economy, while the country was not self-sufficient in these two natural resources.