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Jindal Steel and Power Limited (JSPL) resumes implementation of EI Mutun Steel and Iron Ore Mining Project in Bolivia

 

12-Sept-2010

In 2007 JSPL got the approval for iron ore mining rights of El Mutun mines, one of the world’s single biggest iron-ore deposits with reserves of more than 40 billion tone. The 40 year contract that gave the right to Jindal Steel and Power Limited (JSPL) to mine about half of the reserves of iron ore also included setting up of an integrated 1.7 MTPA steel plant, a 6 MTPA sponge iron and 10 MTPA iron ore pellet plant in Bolivia.

Since then much water has flown under the bridge. In May 2010, Bolivia said that the multi-billion dollar project it signed with Jindal Steel to develop an iron ore mine has not been rescinded, but the steel company would have to pay a penalty for not fulfilling the terms of agreement etc. etc. Ultimately on 21st August 2010, JSPL said in a statement in BSE that it has resumed developing the El Mutun Steel & Iron Ore mine in Bolivia’s Santa Cruz area, after Bolivia sanctioned additional land for the project. The Bolivia Government had already sanctioned about 3000 acres of land for the project in addition to the previous 1000 acres, and Jindal Steel needed another bout 1000 acres to install a power generating unit. According to the contract, Jindal Steel is to invest $ 2.1 billion over 8-years period in this project named Jindal Steel, Bolivia, a subsidiary of JSPL (Jindal Steel and Power Limited).
Jindal Steel and Power Limited (JSPL) today is one of India’s major steel producers with a significant presence in sectors like Mining, Power Generation and Infrastructure. With an annual turnover of over US $2.3 billion, JSPL is a part of the over US $ 15 billion diversified O. P. Jindal Group. In the recent past, JSPL has expanded its steel, power and mining businesses to various parts of the world particularly in Asia, Africa and South America.   
For further information please visit www.jindalsteelpower.com/

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