| "We have decided to allot Posco only the amount of ore they need for captive use in their proposed steel plant in Orissa. No extra iron ore reserves will be given to them for exports," Padmanav Behera, state steel and mines minister, told Business Standard. |
| He said a new proposal was being worked out by the government based on this decision. It will be sent to Seoul in a couple of days. |
| "If they agree to the condition, they are welcome to set up the plant in Orissa and an MoU will be signed shortly. Otherwise, it is their decision," he observed. |
| After the signing of an MoU between the Orissa government and Posco, scheduled for April 14, was put off indefinitely following last-minutes hitches, both sides held several rounds of discussions in Delhi and Bhubaneswar to arrive at a resolution concerning allotment of excess ore to the company for exports. |
| However, at the end of all these meetings, the Orissa government stuck to its stand of not allotting any more reserves to the company than required for captive use of the plant. |
| Posco, which proposed to set up a 12-million tonne steel plant at Paradip at a cost of $10 billion, had been demanding allotment of one billion tonne of ore reserve""400 million more that its captive requirement. |
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