Jindal to export Bolivian iron ore in March
Jindal Steel and Power will start exporting iron ore concentrate from Bolivia's El Mutun mine in March, a company spokesman said on Wednesday.
January 20, 2011 / 09:10 IST
Jindal Steel and Power will start exporting iron ore concentrate from Bolivia's El Mutun mine in March, a company spokesman said on Wednesday.
The company plans to invest USD 280 million in El Mutun this year and export up to a million tonnes of iron ore during the first year of operations, spokesman Eduardo Prudencio said.Jindal's USD 2.1 billion iron ore and steel project in eastern Bolivia has been plagued by delays amid accusations by Bolivia's leftist government that the company was running behind schedule."Beginning iron ore exports toward the end of March will be an important milestone," local newspaper Cambio quoted managing director Naveen Jindal as saying.A 40 year contract gives Jindal the right to mine about half the El Mutun site, believed to contain some of the world's largest reserves of iron ore, though they are said to be of medium-grade quality. Steel production is due to start by 2014.The contract was signed in 2007, but operations have been delayed due to legal disputes between Jindal and Bolivia's leftist government. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
