August 23,
Jindal Steel and Power said it has resumed developing the El Mutun steel and Iron ore mine in Bolivia, after Bolivia sanctioned additional land for the project.
With majority of the land tied up, the company is starting construction work on a pelletisation and steel project, which is expected to be operational in the next 3-4 years.
The Bolivian government sanctioned about 3,000 acres of land for the project in addition to the previous 1,000 acres, and Jindal Steel needs another about 1,000 acres to install a power generating unit, the company said in a statement to the BSE.
Jindal Steel had in 2007 agreed to invest $2.1 billion over eight years to mine about half the Iron ore reserves at the El Mutun mines, which contain total reserves of more than 40 billion tonnes.
Leave a Reply