New Delhi: India and Brazil on Saturday signed a memorandum of understanding (MoU) to enhance cooperation in the field of mining and minerals required for the steel sector.
This partnership will support efficient preparation of steelmaking inputs, enable technology-led improvements across the steel value chain and strengthen resilience and sustainability of the India–Brazil steel supply chain.
According to Ministry of Steel, it provides an institutional framework for strengthening bilateral cooperation across the steel value chain, with a focus on promoting reliable and sustainable development of key raw materials required for steel production.
The cooperation will focus on attracting investment in exploration, mining, and infrastructure development in steel sector; processing and recycling technologies for minerals; automation and the use of advanced technologies in exploration and mining; use of artificial intelligence in geo-scientific data analysis to enhance exploration processes; and best practices in mineral extraction, processing, and environmental management.
The Ministry of Steel and the Ministry of Mines and Energy of the Federative Republic of Brazil signed the MoU in the presence of Prime Minister Narendra Modi and Luiz Inacio Lula da Silva, President of Brazil, at Hyderabad House here.
According to an official statement, Brazil is among the world’s leading producers of iron ore and possesses significant reserves of minerals critical to steelmaking, including manganese, nickel and niobium.
“Enhanced cooperation with Brazil is expected to improve access to key raw materials and technologies necessary for sustaining long-term growth of India’s steel sector,” it added.
India currently has a steelmaking capacity of 218 million tonnes.
To meet growing domestic demand driven by infrastructure development and industrialisation, Indian companies are undertaking significant expansion in steelmaking capacity.
The partnership is an important step towards strengthening cooperation for development of mineral resources required for steel production, facilitating access to advanced technologies in mineral processing, beneficiation, recycling and data-driven exploration.
(IANS)
