Indian firm acquires mining concessions in Chile

Friday, 18 January 2008, 01:40 IST
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New Delhi: Sajjan Jindal-owned diversified firm JSW Steel has acquired eight concessions to explore and mine iron ore in the Atacama region of Chile for $52 million, the company said on Wednesday. "The company has made these acquisitions through its Netherlands-based wholly owned subsidiary for exploration and exploitation of magnetite iron ore deposits in the region of Atacama in the North of Chile," JSW Steel said in a statement. "The company took over these concessions for a total consideration of $52 million," the statement added. "These mines are expected to have good quality magnetite iron ore deposits located near pacific coast facilitating shipment of ore at competitive cost. It acts as a natural hedge against high-cost iron ore procured from third parties in India once these mines are operationalised," said Sajjan Jindal. "These exploration mining concessions extend over an area of approximately 1,200 hectares," the company said. "The company has been actively pursuing to augment captive sources of iron ore and coal both in India and overseas for its Indian steel making operations," JSW Steel said.
Source: IANS
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