pakistani342
SENIOR MEMBER
- Joined
- Jan 20, 2013
- Messages
- 3,485
- Reaction score
- 6
- Country
- Location
If it's too good to be true it usually is
original text here
Excerpts below:
....
India's iron-ore mining foray in Afghanistan has been put on hold due to a finance crunch and an inter-ministerial committee formed to re-examine the contractual terms and funding of the project before it could be considered further.
...
SAIL had demanded $1,319 million as interest free long term loan for the debt portion of mines and steel plant and a $490 million grant-in-aid for developing project infrastructure. In addition, $15 billion was required to build a 2,482-km rail line from Hajigak to Iran's Chabahar port to evacuate iron ore for exports.
...
While seeking concessional finance from the government, SAIL chairman CS Verma told the CoS that private companies, who held 44 percent stake in the Afghan Iron and Steel Consortium, (AFISCO) were "unwilling to commit without assurance of government support and funding".
...
But finance ministry opposed state funding saying that since the project was bid on commercial basis, there was "no clause which assured any special benefit for the country" as all paybacks from the project would go the consortium.
...
AFISCO risks losing mining lease if it fails to commence mining within six months of the licence being granted.
original text here
Excerpts below:
....
India's iron-ore mining foray in Afghanistan has been put on hold due to a finance crunch and an inter-ministerial committee formed to re-examine the contractual terms and funding of the project before it could be considered further.
...
SAIL had demanded $1,319 million as interest free long term loan for the debt portion of mines and steel plant and a $490 million grant-in-aid for developing project infrastructure. In addition, $15 billion was required to build a 2,482-km rail line from Hajigak to Iran's Chabahar port to evacuate iron ore for exports.
...
While seeking concessional finance from the government, SAIL chairman CS Verma told the CoS that private companies, who held 44 percent stake in the Afghan Iron and Steel Consortium, (AFISCO) were "unwilling to commit without assurance of government support and funding".
...
But finance ministry opposed state funding saying that since the project was bid on commercial basis, there was "no clause which assured any special benefit for the country" as all paybacks from the project would go the consortium.
...
AFISCO risks losing mining lease if it fails to commence mining within six months of the licence being granted.
