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Jindal Steel wins mining rights in Bolivia
By agencies
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Friday, 02 June 2006, 19:30 IST
NEW DELHI: Jindal Steel and Power Ltd (JSPL) on Friday announced that it has won the mining rights for 20 billion tonnes of iron ore reserves in Bolivia.
The company plans to invest $2.3 billion over the next 10 years for mining and setting up a steel plant there. JSPL will invest $1.5 billion in the next five years and increase it to $2.3 billion in 10 years.
The contract would be signed shortly, Naveen Jindal, MD, JSPL, said via teleconference from London. The mine is one of the largest iron ore reserves in world, with total potential reserves of 40 billion tonnes. Jindal steels outbid Mittal Steel to get this mine.