Fri, 09 Mar 2012
ET reported that TATA Power, Reliance Power, ArcelorMittal, Jindal Steel and Power and Monnet Ispat & Energy are among 60 companies that face risk of cancellation of mining licenses for being slow in exploration of coal blocks.
A review committee headed by coal ministry's additional secretary Ms Zohra Chatterjee has recommended issuing 'show-cause notices' for 58 blocks asking for reasons why mining licenses should not be revoked. A coal ministry official said appropriate action would be initiated against companies that are not able to justify the delay.
The official said that "We are reviewing allotment to non-serious companies that are simply sitting on the blocks. Some allottees are yet to start any activities on the site. Some blocks are delayed due to problems in land acquisition, delayed regulatory clearances, local agitation and law and order issues.”
The companies include Hindalco Industries, TATA Sponge, Electro Steel Casting, MMTC, National Aluminium Co Ltd and power and mining utilities of Jharkhand, Orissa, Andhra Pradesh, Chhattisgarh, Madhya Pradesh and Tamil Nadu.
Coal ministry's latest review found that only 29 of 195 allotted coal blocks have started production while progress at 90 blocks was found dissatisfactory as critical milestones like acquisition of land, forest clearances and execution of mining lease were not achieved for various reasons.
Captive mines are expected to generate just about 36 million tonnes by this fiscal against targeted 81 million tonnes, scaled down from 104 million tonnes after mid-term review by the Planning Commission.
Caution notices will be issued to about 28 companies, including National Thermal Power Corporation, Steel Authority of India, Jai Prakash Associates, Jindal Steel & Power and GVK Power, for slow progress at 32 blocks.
The committee has also advised owners of another 58 blocks to follow up aggressively with the environment ministry for securing clearances. The committee also recommended de-allocation of two lignite blocks.
The government has till date revoked mining licenses for 23 captive coal blocks that were later allotted to Coal India Ltd.
Source - Economic Times
Showing posts with label Jindal Steel and Power. Show all posts
Showing posts with label Jindal Steel and Power. Show all posts
Friday, March 9, 2012
Thursday, January 26, 2012
Clean Coal and Jindal Steel to Set Up JV
Thursday, 26 January, 2012
NEW YORK, Indonesia Today - Clean Coal Technologies, Inc. (CCTI) established a joint venture with India-based Jindal Steel & Power Ltd to construct coal moisture pilot plant which will use Jindal’s Indonesian coal production.
CCTI will bag around 35% stake in the JV by contributing 25-year exclusive license to market and deploy Pristine-M™ Technology, covering the ASEAN countries including Indonesia, the Philippines, Cambodia, Vietnam, Malaysia, Brunei, Thailand, Laos and Myanmar.
Meanwhile, Jindal will own 65% ownership through US$6 million payment of which US$4 million of them will be paid to CCTI for an exclusive license of the technologies.
Without mentioning the plant location, the construction will take between 16-24 weeks to complete and will start by February 2012. The construction will be followed by an initial 1 million tons commercial plant at Jindal’s Indonesian mines. The JV will market and deploy Pristine-M™ Technology to third parties throughout ASEAN region.
Jindal will fund the working capital for the JV on terms to be negotiated in JV agreement until CCTI is able to fund their share or until joint venture revenues are adequate to cover operating costs.
Headquartered in New York, CCTI owns a patented Pristine-M™ process technology to convert coal into a cleaner burning fuel source. This technology is a “mild gasification” process that removes moisture and volatile matters without pulverizing the coal or pelletizing it.
(sourced:Theindonesiatoday.com)
NEW YORK, Indonesia Today - Clean Coal Technologies, Inc. (CCTI) established a joint venture with India-based Jindal Steel & Power Ltd to construct coal moisture pilot plant which will use Jindal’s Indonesian coal production.
CCTI will bag around 35% stake in the JV by contributing 25-year exclusive license to market and deploy Pristine-M™ Technology, covering the ASEAN countries including Indonesia, the Philippines, Cambodia, Vietnam, Malaysia, Brunei, Thailand, Laos and Myanmar.
Meanwhile, Jindal will own 65% ownership through US$6 million payment of which US$4 million of them will be paid to CCTI for an exclusive license of the technologies.
Without mentioning the plant location, the construction will take between 16-24 weeks to complete and will start by February 2012. The construction will be followed by an initial 1 million tons commercial plant at Jindal’s Indonesian mines. The JV will market and deploy Pristine-M™ Technology to third parties throughout ASEAN region.
Jindal will fund the working capital for the JV on terms to be negotiated in JV agreement until CCTI is able to fund their share or until joint venture revenues are adequate to cover operating costs.
Headquartered in New York, CCTI owns a patented Pristine-M™ process technology to convert coal into a cleaner burning fuel source. This technology is a “mild gasification” process that removes moisture and volatile matters without pulverizing the coal or pelletizing it.
(sourced:Theindonesiatoday.com)
Wednesday, January 18, 2012
India's Jindal Steel sees $1.2 bln capex for FY13
Wed Jan 18, 2012
MUMBAI Jan 18 (Reuters) - India's Jindal Steel & Power Ltd expects to spend 60 billion rupees ($1.2 billion) on capital expenditure in the fiscal year starting April 2012, a senior official said.
"We have tied up all the debt. But our internal accruals are very good, so we will not use all the debt," Sushil Maroo, chief financial officer, told reporters on a conference call. ($1= 50.4 rupees)
MUMBAI Jan 18 (Reuters) - India's Jindal Steel & Power Ltd expects to spend 60 billion rupees ($1.2 billion) on capital expenditure in the fiscal year starting April 2012, a senior official said.
"We have tied up all the debt. But our internal accruals are very good, so we will not use all the debt," Sushil Maroo, chief financial officer, told reporters on a conference call. ($1= 50.4 rupees)
Tuesday, November 29, 2011
Indian consortium bags 3 Hajigak iron ore blocks in Afghanistan
Tuesday, 29 Nov 2011
It is reported that Afghanistan government has offered India a new strategic role in Afghanistan by awarding mining rights for the country’s biggest iron deposit to a group of Indian state run and private companies.
Mr Karzai president of Afghanistan and his cabinet awarded three of four blocks at the Hajigak ore deposit to seven companies that bid with support from India’s government and offered the final block to Canada’s Kilo Goldmines Ltd
The Afghan Ministry of Mines announced “The Afghan Iron and Steel Consortium (AFISCO) which comprises SAIL, NMDC, Monnet Ispat & Energy, RINL, JSW Steel, Jindal Steel & Power, JSW Ispat has been awarded three blocks.”
India’s government backed the group, led by state owned Steel Authority of India Ltd Limited and NMDC Ltd, to widen the country’s strategic presence in Afghanistan, which Prime Minister Manmohan Singh has said is essential for Indian security.
Hajigak, a series of rugged mountain ridges 100 kilometers west of Kabul, holds an estimated 1.8 billion tonnes of ore and is the biggest mining project on offer in a country that the US government estimated last year holds USD 1 trillion in untapped minerals.
The Afghan government had invited bids to award development rights for four mines in Hajigak earlier this year and the last date for submission of bids was September 4.
(Sourced from Bloomberg & NDTV)
It is reported that Afghanistan government has offered India a new strategic role in Afghanistan by awarding mining rights for the country’s biggest iron deposit to a group of Indian state run and private companies.
Mr Karzai president of Afghanistan and his cabinet awarded three of four blocks at the Hajigak ore deposit to seven companies that bid with support from India’s government and offered the final block to Canada’s Kilo Goldmines Ltd
The Afghan Ministry of Mines announced “The Afghan Iron and Steel Consortium (AFISCO) which comprises SAIL, NMDC, Monnet Ispat & Energy, RINL, JSW Steel, Jindal Steel & Power, JSW Ispat has been awarded three blocks.”
India’s government backed the group, led by state owned Steel Authority of India Ltd Limited and NMDC Ltd, to widen the country’s strategic presence in Afghanistan, which Prime Minister Manmohan Singh has said is essential for Indian security.
Hajigak, a series of rugged mountain ridges 100 kilometers west of Kabul, holds an estimated 1.8 billion tonnes of ore and is the biggest mining project on offer in a country that the US government estimated last year holds USD 1 trillion in untapped minerals.
The Afghan government had invited bids to award development rights for four mines in Hajigak earlier this year and the last date for submission of bids was September 4.
(Sourced from Bloomberg & NDTV)
Tuesday, October 25, 2011
Essar’s Zimbabwean steel quest turns sour
The African nation declines to supply the resource; firm may have to renegotiate the terms of the contract
Tue, Oct 25 2011
The Essar Group’s quest for iron ore remains elusive with Zimbabwe declining to supply the resource as envisaged in a contentious deal between the Indian conglomerate and the African state.
The Essar Group may have to renegotiate the terms of the contract if it wants to continue with its plans in the African nation.
Zimbabwe won’t sell 90% of its iron ore resources to one company, mines and mining development deputy minister Gift Chimanikire said. He added that the provision in the current pact that allowed this was wrong.
“We have said to them (Essar): Do not expect us to hand over these resources. As government, we cannot just do that,” Chimanikire was quoted as saying by The Herald, a daily published by the Zimbabwean government.
An Essar Group spokesman said it was against company policy to comment on speculative reports.
“Essar continues to hold discussions with the Zimbabwe government over a number of issues relating to the Zisco (Zimbabwe Iron and Steel Co.) transaction, and we continue to make progress. However, we would not like to comment on any specific points,” the spokesman said.
Essar’s deal to gain access to a captive source of iron ore has been caught in political crossfire ever since it was signed in early August.
The Essar Group and Zimbabwe announced the launch of NewZim Steel Pvt. Ltd and NewZim Minerals Pvt. Ltd to revive Zisco, committing an $850 million investment by Essar Africa with the promise of job creation.
The shareholding structure in the two joint ventures was envisaged at 60:40 and 80:20, respectively.
Essar also committed to revive Zisco to its original capacity and unveiled a plan to double annual capacity to 2.5 million tonnes.
NewZim Minerals was to undertake exploration and technology assessment, with a testing programme commencing in the first 18 months. After this, depending on the outcome, it was to construct a large-scale beneficiation project and related infrastructure for an estimated expenditure of $3.5 billion.
Beneficiation is a process in which low-grade iron ore is upgraded to higher iron content through concentration and elimination of impurities.
Some members of Zimbabwe’s coalition government have questioned the deal, even as the strife-torn nation’s President Robert Mugabe has called for a general election in early 2012.
Industry and commerce minister Welshman Ncube led negotiations when the deal was signed.
Ncube is part of the Mutambara faction of the Movement for Democratic Change (MDC-M), which split in 2005 from the original Movement for Democratic Change, called MDC-T, headed by current Prime Minister Morgan Tsvangirai. Chimanikire belongs to MDC-T’s Tsvangirai faction.
Both factions of the MDC share an uneasy alliance with the Zanu-PF in the current coalition government.
Zimbabwe’s 87-year-old President Mugabe, the leader of the Zanu-PF party, has been ruling the country for three decades, but was forced to share power with political opponent Tsvangirai after the 2008 elections.
As no candidate received an outright majority in the first round of elections, a second was called, but Tsvangirai withdrew his candidature a week before this, citing violence against his party’s supporters.
Amid sustained international pressure, former South African president Thabo Mbeki brokered a power-sharing agreement with an arrangement, the so-called Global Political Agreement, for Mugabe to remain President while Tsvangirai was made Prime Minister.
“Resource nationalism is rising in many parts of the world where governments and other stakeholders believe that value has already been created once it’s known that resources exist, but that is a misplaced notion,” said Anjani Agrawal, national leader for mining and metals sector at global consultancy Ernst and Young.
Resource nationalism refers to the recent trend of governments across the world targeting the metals and mining sector to increase revenue in the face of commodity deficits and the consequent rise in prices.
Essar Africa Holdings Ltd, a group company incorporated in Mauritius, emerged as the preferred bidder for Zisco and the iron ore resources that it owned beating the world’s largest steel maker by capacity, ArcelorMittal, and the Naveen Jindal-headed Jindal Steel and Power Ltd.
keyword- Essar Group, Zisco, imbabwe
sourced livemint
Tue, Oct 25 2011
The Essar Group’s quest for iron ore remains elusive with Zimbabwe declining to supply the resource as envisaged in a contentious deal between the Indian conglomerate and the African state.
The Essar Group may have to renegotiate the terms of the contract if it wants to continue with its plans in the African nation.
Zimbabwe won’t sell 90% of its iron ore resources to one company, mines and mining development deputy minister Gift Chimanikire said. He added that the provision in the current pact that allowed this was wrong.
“We have said to them (Essar): Do not expect us to hand over these resources. As government, we cannot just do that,” Chimanikire was quoted as saying by The Herald, a daily published by the Zimbabwean government.
An Essar Group spokesman said it was against company policy to comment on speculative reports.
“Essar continues to hold discussions with the Zimbabwe government over a number of issues relating to the Zisco (Zimbabwe Iron and Steel Co.) transaction, and we continue to make progress. However, we would not like to comment on any specific points,” the spokesman said.
Essar’s deal to gain access to a captive source of iron ore has been caught in political crossfire ever since it was signed in early August.
The Essar Group and Zimbabwe announced the launch of NewZim Steel Pvt. Ltd and NewZim Minerals Pvt. Ltd to revive Zisco, committing an $850 million investment by Essar Africa with the promise of job creation.
The shareholding structure in the two joint ventures was envisaged at 60:40 and 80:20, respectively.
Essar also committed to revive Zisco to its original capacity and unveiled a plan to double annual capacity to 2.5 million tonnes.
NewZim Minerals was to undertake exploration and technology assessment, with a testing programme commencing in the first 18 months. After this, depending on the outcome, it was to construct a large-scale beneficiation project and related infrastructure for an estimated expenditure of $3.5 billion.
Beneficiation is a process in which low-grade iron ore is upgraded to higher iron content through concentration and elimination of impurities.
Some members of Zimbabwe’s coalition government have questioned the deal, even as the strife-torn nation’s President Robert Mugabe has called for a general election in early 2012.
Industry and commerce minister Welshman Ncube led negotiations when the deal was signed.
Ncube is part of the Mutambara faction of the Movement for Democratic Change (MDC-M), which split in 2005 from the original Movement for Democratic Change, called MDC-T, headed by current Prime Minister Morgan Tsvangirai. Chimanikire belongs to MDC-T’s Tsvangirai faction.
Both factions of the MDC share an uneasy alliance with the Zanu-PF in the current coalition government.
Zimbabwe’s 87-year-old President Mugabe, the leader of the Zanu-PF party, has been ruling the country for three decades, but was forced to share power with political opponent Tsvangirai after the 2008 elections.
As no candidate received an outright majority in the first round of elections, a second was called, but Tsvangirai withdrew his candidature a week before this, citing violence against his party’s supporters.
Amid sustained international pressure, former South African president Thabo Mbeki brokered a power-sharing agreement with an arrangement, the so-called Global Political Agreement, for Mugabe to remain President while Tsvangirai was made Prime Minister.
“Resource nationalism is rising in many parts of the world where governments and other stakeholders believe that value has already been created once it’s known that resources exist, but that is a misplaced notion,” said Anjani Agrawal, national leader for mining and metals sector at global consultancy Ernst and Young.
Resource nationalism refers to the recent trend of governments across the world targeting the metals and mining sector to increase revenue in the face of commodity deficits and the consequent rise in prices.
Essar Africa Holdings Ltd, a group company incorporated in Mauritius, emerged as the preferred bidder for Zisco and the iron ore resources that it owned beating the world’s largest steel maker by capacity, ArcelorMittal, and the Naveen Jindal-headed Jindal Steel and Power Ltd.
keyword- Essar Group, Zisco, imbabwe
sourced livemint
Monday, October 10, 2011
Bolivia may end contract with India’s Jindal Steel
Monday, 10 October 2011
India-based steelmaker Jindal Steel & Power Ltd. faces threats from the Bolivian government to end its contract with the company, according the media reports. The Bolivian Ministry of Energy has suggested that Jindal Steel deceived Bolivia, failing to meet its commitments regarding iron ore mine investment.
As SteelOrbis previously reported, Jindal Steel and the Bolivian government signed a $2.1 billion investment contract in 2007 to mine and smelt 40 billion mt of iron at Mutun on Bolivia's border with Brazil.
Tags: iron ore , raw mat , Bolivia , India , Indian Subcon , South America , Jindal , investments , South Asia
(sourced steelorbis)
India-based steelmaker Jindal Steel & Power Ltd. faces threats from the Bolivian government to end its contract with the company, according the media reports. The Bolivian Ministry of Energy has suggested that Jindal Steel deceived Bolivia, failing to meet its commitments regarding iron ore mine investment.
As SteelOrbis previously reported, Jindal Steel and the Bolivian government signed a $2.1 billion investment contract in 2007 to mine and smelt 40 billion mt of iron at Mutun on Bolivia's border with Brazil.
Tags: iron ore , raw mat , Bolivia , India , Indian Subcon , South America , Jindal , investments , South Asia
(sourced steelorbis)
Sunday, August 7, 2011
JSPL to use new smelting tech in J'khand, Orissa
Aug 7, 2011
By Sanjay OjhaSanjay Ojha, TNN
RANCHI: The Jindal Steel and Power Limited (JSPL) for the first time will use a technology for smelting iron ore fines by directly using non-coking coal in its upcoming plants in Jharkhand and Orissa.
Of the two upcoming integrated steel plants of the company, one will be of six million tonne per annum (MTPA) capacity at Angul in Orissa and the other will be of three MTPA at Patratu in Jharkhand.
The technology will not only be cost-effective but will also offer significant environmental benefits to the steel industry. It is developed by Australian major Rio Tinto and will be used in India at the JSPL's steel plants in Jharkhand and Orissa. The technology known as HIsmelt (high intensity smelting) will be used in a fully integrated steel making facility.
Assistant vice-president of the JSPL A K Biruly said, "We will be introducing HIsmelt technology for the first time at our plants in Jharkhand and Orissa. The technology is for direct smelting process for making iron straight from the ore. It smelts iron ore fines directly using non-coking coals and offers significant economic and environmental benefits to the steel industry."
He said the MoU for use of this new technology was recently signed by JSPL chairman-cum-managing director Naveen Jindal and chief executive of Rio Tinto Sam Walsh.
According to sources in the JSPL, HIsmelt process is the future for iron making, particularly in locations where coking coal and good quantity of iron ore lumps are not available.
"In India, most of the steel makers are dependent on high quality imported cocking coal. Once the technology starts using iron ore fines and non-coking coal, we will be able to save the environment also because huge amount of iron ore fines go waste every years," said a source. (TOI)
By Sanjay OjhaSanjay Ojha, TNN
RANCHI: The Jindal Steel and Power Limited (JSPL) for the first time will use a technology for smelting iron ore fines by directly using non-coking coal in its upcoming plants in Jharkhand and Orissa.
Of the two upcoming integrated steel plants of the company, one will be of six million tonne per annum (MTPA) capacity at Angul in Orissa and the other will be of three MTPA at Patratu in Jharkhand.
The technology will not only be cost-effective but will also offer significant environmental benefits to the steel industry. It is developed by Australian major Rio Tinto and will be used in India at the JSPL's steel plants in Jharkhand and Orissa. The technology known as HIsmelt (high intensity smelting) will be used in a fully integrated steel making facility.
Assistant vice-president of the JSPL A K Biruly said, "We will be introducing HIsmelt technology for the first time at our plants in Jharkhand and Orissa. The technology is for direct smelting process for making iron straight from the ore. It smelts iron ore fines directly using non-coking coals and offers significant economic and environmental benefits to the steel industry."
He said the MoU for use of this new technology was recently signed by JSPL chairman-cum-managing director Naveen Jindal and chief executive of Rio Tinto Sam Walsh.
According to sources in the JSPL, HIsmelt process is the future for iron making, particularly in locations where coking coal and good quantity of iron ore lumps are not available.
"In India, most of the steel makers are dependent on high quality imported cocking coal. Once the technology starts using iron ore fines and non-coking coal, we will be able to save the environment also because huge amount of iron ore fines go waste every years," said a source. (TOI)
Saturday, July 23, 2011
FIIs trimming holdings in Indian steel companies - Report
Saturday, 23 Jul 2011 |By BL
BL reported that Foreign Institutional Investors, on concerns of a weak profit outlook for the steel sector, are trimming their holdings in Indian steel firms.
As per report, the April to June quarter saw FIIs reduce their holdings QoQ in almost all steel firms including Steel Authority of India Limited, TATA Steel, JSW Steel, Jindal Steel & Power Ltd and Godavari Power & Ispat Ltd etc.
The report added that the shares dumped by FIIs have either largely been picked up the domestic institutional investors or non institutions, including individual shareholders.
The rising input costs such as coking coal and iron ore have hit the steel companies' bottom lines in the recent quarters. Analysts expect the pressure on profitability to continue in the July to September quarter as well.
Also, the inability of steel companies to pass the burden to consumers amidst an uncertain demand scenario will add up to the margin pressure. The recent hike in interest rates to curb inflation has cast a spell on the demand side. An analyst said that “There is a concern on demand side due to the slower pace of infrastructure projects. As a result, there is no pricing power with the steel producers.”
Steel makers have seen a slowdown in demand to an extent from sectors such as automobile, consumer durables and construction. While the global steel prices have seen a margin decline in the recent past, the domestic producers have managed to hold on to prices at this point in time.
Tuesday, February 15, 2011
JSPL Angul steel project gets environmental go ahead
Tuesday, 15 Feb 2011
The Telegraph reported that a proposal for a steel plant in Angul, Orissa, has received a fresh nod from the Union environment ministry after being pulled up three months ago for serious non compliance of environmental conditions.
The ministry has approved Jindal Steel and Power Limited’s proposal for 6 million tonnes per year steel plant after listening to the company’s explanation, revising guidelines on forest rules and imposing additional conditions on the project.
The ministry appears to have accepted this explanation, but imposed several conditions, including the installation of coal gasification technology to reduce emissions, the use of fly ash generated by plant activities for cement manufacture, and earmarking of two per cent of net profits for activities relating to corporate social responsibility. The ministry has also asked the company to adopt energy and water conservation measures in the steel plant and its captive power plant as well as adopt rain harvesting techniques to recharge the groundwater in the region.
The ministry had sent a notice to the company in November pointing out serious non compliance of the conditions imposed on the project when the ministry first approved it in 2007. The ministry had specified in 2007 that no construction activity should begin on the project site unless approval for the 168 hectares of forestland within the project area had been given. However, forest officials in Angul had observed in 2009 that construction work on storage godowns, roads, a foundation for industrial activities such as a power plant, had been initiated on non forest government land.
But the ministry revised its rules on January 6 this year, specifying that if a project covers both forest and non forest land, it was advisable that work should not be started on the non forest area until the Centre approved the project for the forested area. (sourced:Telegraphindia)
Tags:JSPL Angul, steel project, JSPL, steel plant, Angul, Orissa, environmental clearance, Jindal Steel and Power, Indian government,
The Telegraph reported that a proposal for a steel plant in Angul, Orissa, has received a fresh nod from the Union environment ministry after being pulled up three months ago for serious non compliance of environmental conditions.
The ministry has approved Jindal Steel and Power Limited’s proposal for 6 million tonnes per year steel plant after listening to the company’s explanation, revising guidelines on forest rules and imposing additional conditions on the project.
The ministry appears to have accepted this explanation, but imposed several conditions, including the installation of coal gasification technology to reduce emissions, the use of fly ash generated by plant activities for cement manufacture, and earmarking of two per cent of net profits for activities relating to corporate social responsibility. The ministry has also asked the company to adopt energy and water conservation measures in the steel plant and its captive power plant as well as adopt rain harvesting techniques to recharge the groundwater in the region.
The ministry had sent a notice to the company in November pointing out serious non compliance of the conditions imposed on the project when the ministry first approved it in 2007. The ministry had specified in 2007 that no construction activity should begin on the project site unless approval for the 168 hectares of forestland within the project area had been given. However, forest officials in Angul had observed in 2009 that construction work on storage godowns, roads, a foundation for industrial activities such as a power plant, had been initiated on non forest government land.
But the ministry revised its rules on January 6 this year, specifying that if a project covers both forest and non forest land, it was advisable that work should not be started on the non forest area until the Centre approved the project for the forested area. (sourced:Telegraphindia)
Tags:JSPL Angul, steel project, JSPL, steel plant, Angul, Orissa, environmental clearance, Jindal Steel and Power, Indian government,
Friday, January 21, 2011
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)
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