JSW STEEL LIMITED signed a Joint Venture agreement with a Chilean entity viz. MINERA SANTA FE, controlled by Mr. Leonardo Farkas Klein, a locally renowned Entrepreneur. The Joint Venture Company will develop iron ore mines and other projects in South America including Chile. While JSW Steel holds a majority stake of 70 percent through its Netherlands based subsidiary, the other JV partner holds the balance 30 percent.

The JV Company currently holds iron ore exploration and exploitation concessions on a large area of over 26000 hectares in Belavista and Vinita mines located in Atacama region in North Chile. The initial aero magnetic survey over the entire target area and geological studies supplemented by exploratory drilling carried out in a part of Belavista mine indicate large insitu magnetite iron ore deposits. The JV Company also has rights to use Punta Caleta Terminal in Caldera for export of iron ore and also applied for a concession to develop new Port for two berths suitable to handle Super Capsize and Panamax vessels. These mines are located just 50 to 70 km from the Caldera region where the ports are located.

Mr.Sajjan Jindal informed that the Company is planning to invest around USD 500 million in this venture including development of new Port capable of handling Super Capsize and Panamax size ships and start mining in the next 18 months. He further added that the business plan for these mines envisages to create a 4 MTPA capacity for saleable high grade sinter feed quality iron ore in the next 12 to 18 months and simultaneously take steps to enhance this to 20 MTPA over 3 – 4 years.

This is another positive initiative by JSW Steel in augmenting captive iron ore resources for its Indian steel operations.

Sourced From: Adfactors Public Relations Pvt Ltd

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