JSW Steel gets exploration licence in Chile
JSW Steel said on Wednesday it has secured a prospecting licence for iron ore mining in northern Chile for about $52 million.
By PTI |
MUMBAI:JSW Steel said on Wednesday it has secured a prospecting licence for iron oremining in northern Chile for about $52 million.
"These mines are expected tohave good quality magnetite iron deposits located near Pacific coastfacilitating shipment of ore at competitive costs," Sajjan Jindal, vice-chairmanand managing director, said.
The company has secured thelicence to look for iron ore over an area of 1,200 hectares, it said in astatement.
JSW Steel is alsolooking at possible joint ventures for various iron ore mining projects, Jindalsaid.
Metal companies havebeen trying to tie-up raw material sources both locally and overseas by takingstakes in mining firms or seeking licences with various governments.
Last year, JSW Steel obtaineda coal mining licence from Mozambique. Jindal Steel & Powerobtained a 40-year contract to mine iron ore from El Mutun area in Bolivia,close to the border with Brazil.
"We could use it for ourplants in India or sell it (iron ore) there and buy it here," Director, Finance,Seshagiri Rao told Reuters.
The company said its whollyowned Netherland-based subsidiary has secured the rights.
Shares in JSW ended 5.35percent lower at 1146.20 rupees in the Mumbai market.
"These mines are expected tohave good quality magnetite iron deposits located near Pacific coastfacilitating shipment of ore at competitive costs," Sajjan Jindal, vice-chairmanand managing director, said.
The company has secured thelicence to look for iron ore over an area of 1,200 hectares, it said in astatement.
JSW Steel is alsolooking at possible joint ventures for various iron ore mining projects, Jindalsaid.
Metal companies havebeen trying to tie-up raw material sources both locally and overseas by takingstakes in mining firms or seeking licences with various governments.
Last year, JSW Steel obtaineda coal mining licence from Mozambique. Jindal Steel & Power
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"We could use it for ourplants in India or sell it (iron ore) there and buy it here," Director, Finance,Seshagiri Rao told Reuters.
The company said its whollyowned Netherland-based subsidiary has secured the rights.
Shares in JSW ended 5.35percent lower at 1146.20 rupees in the Mumbai market.
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