MP RK Jena, participating in a question hour session in the Parliament on May 11, lamented that the profit level of Indian Rare Earth limited (IREl) under Department of Atomic Energy (DAE) fell by 96 per cent in last one year vis-à-vis the year before and wanted know the specific steps taken by the Government to set it right.
Citing example of China as the market leader, Jena urged the Union Government to upscale the production and marketing of precious rare earth minerals.
The IREl has four production plants in Tamil Nadu, AP, Odisha and Kerala. The major activities involve mining and separation of heavy minerals such as Ilmenite, Rutile, Zircon, Sillimanite , Garnet and Monazite from beach sand .
The IREl also engaged in chemical processing of Monazite to extract Thorium, Rare Earth Chlorides and Tri-Sodium Phosphate. These products are used in manufacturing of white pigments, welding electrodes, foundries, ceramics and refractories etc.
It may be noted the PSU reported a profit of meager Rs66 lakh in 2014-15 against Rs46.78 crore in the previous year. Further, he demanded half an hour discussion on the issue.
He also demanded to know if the Government intends to make fully operational the rare earth unit of Odisha in line of a MoU signed with Idco. He further sought to know from Union Government whether the latter has a plan to share profit of the unit for the development of local area.