JSPL to export Bolivian iron ore in March - Report

Friday, 21 Jan 2011

State run daily Cambio reported that India's Jindal Steel and Power is due to start exporting iron ore concentrate from Bolivia's El Mutun in March.

The report, without specifying when the comments were made, quoted Mr Naveen Jindal vice CMD of JSPL as saying that “Beginning iron ore exports toward the end of March will be an important milestone.”

The state run newspaper also reported Jindal as saying that El Mutun should start producing steel by 2014.

Mr Jindal had told Reuters earlier this month that the company plans to invest USD 280 million in el Mutun in 2011 and said it will export up to a million tonnes of iron ore in this first year of operations.

The USD 2.1 billion iron ore and steel project in eastern Bolivia has been plagued by delays amid accusations by Bolivia's leftist government that the company was running behind schedule. A 40 year contract gives Jindal the right to mine about half the El Mutun site, which is believed to contain some of the world's largest reserves of iron ore, though said to be of medium grade quality.

(Sourced from Reuters)