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Jindal Steel gets nod for iron ore mining in Bolivia
Jindal Steel & Power has been buzzing over the last month. The company finally got the go ahead for iron ore mining in Bolivia this weekend. As per CNBC-TV18 analysis, Analyst expects a price increase of 30-50% in iron-ore in FY08, so this is a big positive for Jindal’s going ahead.
Jindal Steel & Power has been buzzing over the last month. The company finally got the go ahead for iron ore mining in Bolivia this weekend. CNBC-TV18 analysis expects a price increase of 30-50% in iron-ore in FY08; so this is a big positive for Jindal's, going ahead. The stock is up more than 26% in 7 trading session days and up nearly 82% in one month time.
Jindal Steel got approval for iron ore mining right in Bolivia by a combined session of Bolivia parliament, which held on Saturday. Jindal will invest USD 2.1 billion for setting up plants for over a period of 8 years and they will start working on this plant after one month as some legal procedures are yet to be completed.
Jindal Steel will set up plants in two phases. In the first phase, they will invest around USD 1.5 billion, which will be completed in 5 years time and second phase, they will be investing around USD 600 million, which will be completed in 3 years time. In phase I, and II they are setting up 10 million tonnes of capacity of pellet plant. The pellet plant is for the improvement of iron-ore. They are also setting up 6 million tonne of sponge iron facility, 1.7 million tonne of steel plant facility and all this will get utilised after 8 years.
