Sunday, 3 July 2011,
NEW DELHI: Naveen Jindal owned Jindal Steel and Power Ltd (JSPL) today said it expects to garner about Rs 765 crore in the current fiscal by selling iron ore from the Bolivian mine.
Jindal Steel Bolivia - a JSPL subsidiary - had secured in 2007, 40-year development rights of El-Mutun iron ore mine which has around 20 billion tonne reserves. El-Mutun has the biggest iron ore deposits in the world. The mine started dispatches from July 1.
"We have started dispatching iron ore from our Bolivia mine. In the remaining period of the current fiscal, we hope to sell around 1 million tonne iron ore. At the current price, this is around $ 170 million," President of Jindal Steel Bolivia and VC of JSPL Group Vikrant Gujral told PTI.
JSPL had reported Rs 9,573.63 crore topline in 2010-11, up from Rs 7,367.59 crore over the previous fiscal.
Gujral said iron ore mined from El-Mutun would be sold mainly to China, Middle East, European and South American countries. The iron ore price is currently hovering at around $ 170 per tonne.
JSPL is also setting up an integrated 1.7 million tonnes per annum (mtpa) steel plant, a 6 mtpa sponge iron and a 10 mtpa iron ore pellet plant in Bolivia with an investment of $ 2.1 billion.
Jindal's proposed outlay in Bolivia is so far the largest announced by any Indian company in South America and also the highest by a foreign firm on a single project in Bolivia.
The huge El-Mutun mine would continue to export ore even after JSPL's steel plant resumes operations. One million tonne iron ore would suffice to feed a steel plant of that size.
JSPL has already started work on various projects and they are expected to become operational in 3-4 years. It has also placed orders for a DRI (spone iron) plant of 2.52 mtpa capacity to Midrex, USA.
"The land has also been acquired," Gujral said. Back home, JSPL has a 3 mtpa steel making facility at Raigarh in Chhattisgarh. It has already announced a whopping Rs 1.2 lakh crore expansion plan to enhance its capacity by over 30 mtpa in Chhattisgarh, Jharkhand and Odisha.(By PTI, ET)
NEW DELHI: Naveen Jindal owned Jindal Steel and Power Ltd (JSPL) today said it expects to garner about Rs 765 crore in the current fiscal by selling iron ore from the Bolivian mine.
Jindal Steel Bolivia - a JSPL subsidiary - had secured in 2007, 40-year development rights of El-Mutun iron ore mine which has around 20 billion tonne reserves. El-Mutun has the biggest iron ore deposits in the world. The mine started dispatches from July 1.
"We have started dispatching iron ore from our Bolivia mine. In the remaining period of the current fiscal, we hope to sell around 1 million tonne iron ore. At the current price, this is around $ 170 million," President of Jindal Steel Bolivia and VC of JSPL Group Vikrant Gujral told PTI.
JSPL had reported Rs 9,573.63 crore topline in 2010-11, up from Rs 7,367.59 crore over the previous fiscal.
Gujral said iron ore mined from El-Mutun would be sold mainly to China, Middle East, European and South American countries. The iron ore price is currently hovering at around $ 170 per tonne.
JSPL is also setting up an integrated 1.7 million tonnes per annum (mtpa) steel plant, a 6 mtpa sponge iron and a 10 mtpa iron ore pellet plant in Bolivia with an investment of $ 2.1 billion.
Jindal's proposed outlay in Bolivia is so far the largest announced by any Indian company in South America and also the highest by a foreign firm on a single project in Bolivia.
The huge El-Mutun mine would continue to export ore even after JSPL's steel plant resumes operations. One million tonne iron ore would suffice to feed a steel plant of that size.
JSPL has already started work on various projects and they are expected to become operational in 3-4 years. It has also placed orders for a DRI (spone iron) plant of 2.52 mtpa capacity to Midrex, USA.
"The land has also been acquired," Gujral said. Back home, JSPL has a 3 mtpa steel making facility at Raigarh in Chhattisgarh. It has already announced a whopping Rs 1.2 lakh crore expansion plan to enhance its capacity by over 30 mtpa in Chhattisgarh, Jharkhand and Odisha.(By PTI, ET)
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