Tata Steel in JV for development of iron ore deposits in West Africa

MUMBAI: Tata Steel Ltd and SODEMI have entered into an agreement for the development of Mount Nimba Iron ore deposits in Ivory Coast, West Africa.

The project will be implemented by a joint venture company, wherein Tata Steel will hold majority stake. The initial phase will involve exploration and detailed feasibility assessments followed by construction of the mine and beneficiation facilities. The iron ore from this project will be supplied to Tata Steel group facilities, especially those located in UK and the Netherlands.

The Mount Nimba deposit, spread over 3 countries such as Liberia, Guinea and Ivory Coast, is one of the biggest in the West Africa. At 10:55 am, Tata Steel shares were up 2.30 per cent at Rs 855.10 on BSE.