India has the potential to surpass Brazil and China’s iron ore production: Chairman of Vedanta
Vedanta Group Chairman Anil Agarwal said on Tuesday that New Delhi (PTI) on April 15 (PTI) India has the potential to surpass Brazil and China to become the world’s second largest iron ore producer.
Iron ore production in India increased by 3.5% to 236 million tons (MMT) in 2024-25, compared with 228 MMT in the same period last year.
He explained how India surpassed Brazil and China in iron ore production, saying: “Given our huge reserves, we can produce 700 million tons per year and become the second largest reserve after Australia, which is very likely. In terms of economic growth, employment and income, this will bring huge benefits to Bharat.”
Agarwal stressed India’s growth potential in the global iron ore market and said: “It’s hard to imagine life without iron and steel, which is made of iron and steel. Our houses, our vehicles, our vehicles, our gadgets, all require iron and steel. Today, India is the fourth largest producer of iron ore in the world…only Australia, Brazil and China produce more.”
According to the Ministry of Mining, the temporary figure for iron ore production in 2023-24 was about 275 million tons, reflecting a year-on-year increase of 7.5%.
During this period, the major producers of iron ore were NMDC, SAIL, Odisha Mining Corporation and Tata Steel Ltd. Odisha was the largest producer, contributing 54% of the shares, followed by Karnataka, followed by 16% of the shares with 15% of the shares and 15% of the shares.
He said India has abundant iron ore reserves, estimated at 33 billion tons, which could be a key driver of the country’s global mining ambitions.
“This will also lead to rapid development in countries rich in iron ore, such as Chhattisgarh, Jharkhand and Odisha. Currently, their per capita income is below the Indian average, but because of its huge potential below the ground, it is easy to be twice the Indian average. Let’s be visionary and think big and think big,” Agarwal said.
Vedanta Group Company Sesa Goa Iron Ore is engaged in the exploration, mining and processing of iron ore in Goa, Karnataka and Odisha.
