Mines Minister B.K. Handique on Tuesday said that South Korean steel plant Posco will be moving to a different place owing to problems related to land acquisition in Orissa."Posco has told me that (it is) moving to a different place as (it is) facing problems in acquiring land," he said.
In the present framework, he said the ministry will talk to States to expedite the process of granting iron ore leases to ArcelorMittal and South Korean steel giant Posco.
Mr. Handique also said the mining sector's contribution to the country's GDP will grow to 5 per cent in the next five years from 2.8 per cent at present.
This will be facilitated by the new Mineral Policy, which is likely to be unveiled next year with the Mines and Minerals Development Scientific Regulation Act being legislated.
"The market-linked royalty on many minerals, including iron ore, has been notified. This will give additional revenue to the states," Mr. Handique said.
A Posco spokesperson said, "As of now, we are not aware of any such thing."